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Amid soaring inflation, Turkey's government and people hurl themselves into gold

Section: Daily Dispatches

Gold as Inflationary Hedge Makes Turkey World's Biggest Buyer

ByKerim Karakaya and Beril Akman
Bloomberg News
Tuesday, January 31, 2023

Turkey was the biggest buyer of gold among central banks last year, with households also rushing to buy the commodity to shield from geopolitical uncertainty and rampant inflation.

The central bank's gold reserves were at the highest level on record, the World Gold Council said in a report today. The official figure was 542 tonnes, up by 148 tonnes. 

... Dispatch continues below ...


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Monday, January 30, 2023

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Demand for jewelery in the country also increased and jumped 32% year-on-year in the last quarter of 2022. "Despite the rise in the local gold price during 4Q, soaring consumer inflation brought the investment motive to the fore," the gold council said. 

Turkey has stepped up its ambitions to produce more gold than the existing average of 35 tonnes annually over the last five years, President Recep Tayyip Erdogan said last week. "Together with oil, gold is one of the most imported items," he said during the opening of a new gold mine facility in the country's west.

"We have the reserves to meet at least half of the demand in this area." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2023-01-31/gold-as-inflationary-hedge-makes-turkey-world-s-biggest-buyer

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Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

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* * *

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-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

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