Thursday, August 3, 2017

Gold sales soaring in Croatia and Turkey as confidence in sovereign currencies continue to wane

While often the business media reports on gold sales in much larger markets such as the U.S., China, India, and even Russia, often the smaller economies are overlooked when it comes to a populace moving their wealth into the world's most historical asset of choice.

So it is quite interesting to see places like Turkey and Croatia beginning to ramp up their gold markets, and this is really seeming to signal a growing decline in confidence in sovereign currencies.

The largest Croatian gold dealer, Auro Domus from Kastav, which gold about 50% of the market, sold investment gold and silver in the amount of 30.2 million kunas in the first half of this year, reports Jutarnji List on 2 August 2017. 
The company points out that this is an increase of 83%, or nearly twice as much as in the same period last when the company generated income in the amount of 16.5 million kunas.  This is proof that the demand for investment gold in Croatia continues to grow and that Croats are buying more than ever before. - Croatia News
Over in Turkey the environment is also ramping up for gold purchases and investment, where July saw the Turks import the most gold ever for a single month.

An eight-fold increase in gold imports to $2.8 billion from $354 million in the same month last year made the precious metal the second-most imported product and one of the main contributors to the trade gap. 
June gold imports were also up by 216 percent year-on-year to $2.1 billion, according to final figures reported by Turkstat, the state statistics agency. -  Zerohedge


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