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Amid soaring inflation, Turkey's government and people hurl themselves into gold
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.
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Monday, January 30, 2023
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... For the remainder of the announcement:
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:
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