As an investment rule of thumb, by the time the retail masses are climbing on board a “hot” asset, and it has reached FOMO status, it is a sign that the party is over and its cash-in time.

So seeing a line of people snaking up Sydney’s CBD centre of Martin Place to get into a gold exchange should send alarm bells ringing.

Not since the old days of camping outside Ticketek for concert tickets or lining the streets ahead of the David Jones end-of-year sale have we seen this kind of behaviour. Gold is not just hot right now – it’s smoking.

Are those lining up to buy gold bullion wasting their time and money?Credit: Dylan Coker

Investors are piling into listed gold stocks and gold ETFs (exchange-traded funds), resulting in their largest monthly inflow in September 2025, resulting in the strongest quarter on record at $US26 billion, according to one of the world’s largest asset managers, Amundi.

And while the precious metal’s price dipped a little over the weekend, the direction........

© The Sydney Morning Herald