Investors are buying Australian gold stocks as the rest of the market crumbles

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Investors piled into Australian gold stocks today as the rest of the market fell hard over the looming Greek debt default.

Northern Star was up 5.43% to $2.33, Evolution Mining 3.45% to $1.20, Newcrest Mining 1.62% to $13.18 and Ocean Gold Corp 4.95% to $3.29.

Gold, seen as a safe haven in troubled times, keeping its value when industrial stocks fall, was up about 0.85% to $US 1,183.30.

The local market is down 2.3% and is near the point at which all gains on the ASX the start of 2015 have been wiped out. The market has lost 4.7% since Wednesday last week.

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