Turks follow Erdogan's call to get rid of dollars & buy gold

[Muhammed45]

Turks follow Erdogan's call to get rid of dollars & buy gold
Published time: 15 Nov, 2017 10:42
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© Enny Nuraheni / Reuters

The latest World Gold Council report shows Turkey has sharply ramped up gold buying with both the central bank and ordinary people joining the rush.
“Bar and coin purchases, a measure of investment demand, were 47 metric tons so far in 2017, compared with 14.8 tons in the same period a year ago,” ZeroHedge quotes the report as saying.

Turkey Buys 47 Metric Tons of #Gold in 2017 YTD $GLD$TURpic.twitter.com/4qRoOqFUzC

— GoldInvestingAdvice (@Gold_Advice) November 14, 2017
The Turkish central bank has bought almost 30.4 tons of gold this year. The surge in buying is reportedly triggered by state measures aimed at diversifying international reserves in light of rising tensions between Turkey and its traditional Western allies the US and Europe.

583 tons of gold moved out of NY & Paris: Germany repatriating gold ahead of 2020 plan planned https://t.co/uaQAjSVGbo

— RT (@RT_com) February 11, 2017
A year ago, President Recep Tayyip Erdogan called on the Turkish public to keep savings in gold and avoid the US dollar, urging the central bank to back that policy.

At the same time, the exchange value of the Turkish lira has dropped 15 percent since the beginning of October. The plunge inevitably makes the national currency increasingly unattractive as a savings vehicle.

Many important data, especially the inflation figures from the US, will be released and the Fed officials will be talking. #Turkishlira continued to decline, while the #dollar started positive for the new week. pic.twitter.com/SU5lefKRpr

— London Kapital (@londonkapital) November 13, 2017
Most emerging market currencies have been under pressure, but the US-Turkey row, escalated by tit-for-tat travel and visa restrictions, has boosted speculation.

'Pushing away from US #dollar': Central Bank of #Russia adds 1,250 tons of #gold to its reserve https://t.co/inkeDZxknJ

— RT (@RT_com) October 4, 2017
Meanwhile, global demand for gold continues to slump. It dropped nine percent to 915 metric tons in the third quarter of this year, the lowest level since 2009. The decline was reportedly caused by a softer quarter in the jewelry industry, and lower inflows into exchange-traded funds.

 

[Muhammed45]

https://www.rt.com/business/409916-turks-buy-gold-reject-dollar/

 

[Azadkashmir]

i give erdogan a brownie point for suggesting gold.

 

[Nefarious]

Good news

 

[Verve]

slowly and surely the countries are moving back to gold ...

 

[FuturePAF]

and this is how Erdogan will end up on the naughty list, and mysteriously will face a more well organized well funded opposition in the next election

 

[Taimoor Khan]

Not just Turkey, but Russia and particularly China as well who are stacking gold in huge quantities. No one can predict the future and how the global financial order will look like but when you have major countries stacking gold, it should be a tell-tale sign of things to come. Fait currency system based on printing money out of thin air is dying its natural death.

As for Pakistan and its deep state, as usual snoozing. Reko Diq should have been mined years ago with its gold stacked in the coffers of the state.

 

[ashok321]

Turks follow Erdogan's call to get rid of dollars & buy gold

Now this Erdogan should count his days, as did Saddam Hussein.

Anybody coming against the lifeline of the US, would meet this fate sooner than later.
First reaction, bye bye NATO membership.
Well, the Turkey has already decided on SCO.
Tell-tale sign >> Erdogan warns Turkey could 'say goodbye' to EU – EURACTIV.com

Take this to any bank, put it in a fixed deposit.
My opinion.

 

[Muhammed45]

Turks follow Erdogan's call to get rid of dollars & buy gold

Now this Erdogan should count his days, as did Saddam Hussein.

Anybody coming against the lifeline of the US, would meet this fate sooner than later.
First reaction, bye bye NATO membership.
Well, the Turkey has already decided on SCO.
Tell-tale sign >> Erdogan warns Turkey could 'say goodbye' to EU – EURACTIV.com

Take this to any bank, put it in a fixed deposit.
My opinion.

Turkish people will not allow US to ruin their country.

AKP has public base unlike Saddam's ruthless kingdom.

Furthermore, i don't think that AKP's opposition would allow any other country to invade their homeland. Erdogan dodged coup by public support.

http://www.presstv.com/Detail/2017/...-attempt-Fethullah-Gulen-Recep-Tayyip-Erdogan

US cannot harm a country that it's people wants safety and union.

 

[AZADPAKISTAN2009]

Gold is a safe bet becasue there is very limited amount of gold on earth

 

[Maxpane]

good decision we should get rid of dollar

 

[cabatli_53]

Current gold reserves...

 

[Basel]

and this is how Erdogan will end up on the naughty list, and mysteriously will face a more well organized well funded opposition in the next election

West have used many tactics to remove people from power, just read history.

 

[Solomon2]

...The Turkish central bank has bought almost 30.4 tons of gold this year. The surge in buying is reportedly triggered by state measures aimed at diversifying international reserves in light of rising tensions between Turkey and its traditional Western allies the US and Europe -

That's likely a deceitful use of the word "reportedly".

It's far more likely the Turkish central bank increased its gold reserves because these are needed for the gold-backed bonds it started issuing last month, part of a government scheme to "bring out the under-the-mattress savings into the economy." link

I doubt that will be very successful. I think Turks will prefer to keep their gold - and dollars - "under the mattress".

Current gold reserves...

It's madness that China has only 1800 tons, they should have at least twice that amount but it took a long time to convince the Chinese gov't to start buying. Now they're paying $1200+/ounce for the stuff when they could have picked it up in quantity for less than one-fourth the price back when European banks were liquidating four hundred tons a year nearly two decades ago.

 

[xenon54 out]

It's madness that China has only 1800 tons, they should have at least twice that amount but it took a long time to convince the Chinese gov't to start buying. Now they're paying $1200+/ounce for the stuff when they could have picked it up in quantity for less than one-fourth the price back when European banks were liquidating four hundred tons a year nearly two decades ago.

Notice the second column its only 2.3% of foreign reserves.