Turkey's election angst is driving up demand for gold coins

Section:

By Cagan Koc, Rupert Rowling, and Eddie van der Walt
Bloomberg News
Friday, May 25, 2018

With just a month until elections, shopkeepers at Turkey's biggest bazaar say they're seeing a jump in demand for gold coins.

"Turkish people have an interesting behavior -- they buy gold when the prices are rising. They think it's gonna rise more," said Gokhan Karakan, 32, who runs a gold exchange office in the heart of Istanbul's Grand Bazaar. "People think there is a trend here and choose to buy gold until uncertainty is out of the way.”

On Friday afternoon at the Grand Bazaar -- one of the world's oldest covered markets -- shopkeepers said more customers were buying gold instead of selling it, in hopes that the metal will keep its worth as the value of the lira plunges. Gold priced in lira is more expensive than ever, but that's not deterring buyers, who are looking for a safe haven. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-05-25/turkey-s-election-ang...



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