Local officials in North Wales fear of an impending gold rush after beachcombers found precious ambergris or "whale vomit" along its coastline.

The ambergris, also known as grey amber, is considered by many as floating gold because of its high value. Top perfume makers pay as much as $65 a gram for ambergris - a substance also deemed by Chinese to be an aphrodisiac.

One find of ambergris can be worth as much as $3,800. The Daily Post said ambergris was recently found at Rhos on Sea and Shell Island.

It is produced when the whale has been eating squid and their parrot-like beaks have irritated the walls of its innards.