In a jaw-dropping turn of events, gold prices have surged above $4,000 an ounce for the first time, igniting a frenzy among Hong Kong residents eager to cash in on this historic rally. With prices climbing a staggering 50% just this year, people are lining up outside gold shops, transforming the sale of treasured family heirlooms into a race against time.

Take, for instance, the scene outside Chong Kee Gold, nestled in the heart of Hong Kong's bustling central business district. Around 50 people formed an eager queue, clutching everything from gold bars to intricate bracelets, all hoping to capitalize on the soaring prices. Therese Lam, a lawyer who stood in line, shared her story of selling gold accumulated over two decades. “It’s a very good time to sell,” she declared, holding a tote filled with a mix of bullion and jewelry. With each small gold bar valued at nearly HK$222,000 (€24,600), she was set to make a significant profit. Yet, with a glint in her eye, she mentioned her strategy to only part with a portion of her stash, betting on even higher prices in the future.

Why this sudden rush? Gold has long been revered as a safe haven during turbulent times, and with geopolitical tensions and economic instability on the rise, investors are flocking to this precious metal. Gold surged past the $4,000 mark just last Wednesday, signaling broad investor confidence in its value. In fact, according to market analysts, gold has proven to be one of the best-performing assets this year, drawing more buyers in than ever before.

In Shanghai, gold shops reported a similar trend, where eager customers were more interested in purchasing than selling. Most transactions involved trade-ins, as people exchanged older jewelry for more contemporary designs. At Chong Kee, the demand was so overwhelming that the shop had to stop ticketing after a staggering 300 people queued up to sell their gold.

Among those waiting, Terence Hung, a 34-year-old construction worker, shared his story of selling 400 grams of precious family gold. He planned to use the funds for his family’s upcoming emigration to Scotland. “This is a great time to sell... to get some extra money for our new life,” he said, beaming with pride as he recounted receiving HK$430,000 for his gold—far more than other retailers offered.

The atmosphere inside Chong Kee was electric. The shop's owner was tirelessly weighing gold items and handing out cash, remarking on the unprecedented demand. “It’s extremely busy. People just want to sell,” he noted, capturing the essence of this gold rush perfectly.