A waxy solid having ultrafine particles homogeneously distributed in a mixture of vegetable oil and waxy solid, the oil being present in a major proportion by weight, forms a homogeneous colloidal solution which is then cooled and subjected to high shear to form ultrafine particles of the waxy solid, in situ, in a size range from about 0.1 m to 10 m. The resulting stiff gel retains its shape and high viscosity for at least 30 days when confined in a container in an air atmosphere at 40 C. at substantially sea level. The stability of the gel is visually evidenced by a lack of syneresis. The gel is destabilized at a temperature in the range from 52 C. (125 F.) to 100 C. (212 F.).