Wednesday, November 15, 2017

The Turkish people cede to their President's will in dumping dollars to buy physical gold

Last week the World Gold Council reported that for the first time in a long while, the Germany people were moving strongly into the physical gold market.  Now on Nov. 15, that same body is reporting that Turkey is right behind them in privately run purchases of gold bullion.

Earlier this year Turkey conducted a geopolitical shift away from the West and more into Russia's camp due to a failed coup attempt on President Erdogan's life, as well as over which side the U.S. was standing with in the Syria conflict.  And as one of the financial gambits the Turkish leader called for on the economic front was for his people to start dumping their dollars and instead buy gold as wealth protection.

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. 
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. 
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. – Russia Today


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