Turkey’s central bank is hoarding gold again. The question is, how much and why?
Official data show Turkey added 3.8 million ounces of gold worth almost $5 billion to reserves this year. While actual purchases could be much less — the figure is skewed by metal deposited by commercial banks — even if Turkey bought just one-third of the reported amount, it would still rank among the top two or three buyers this year.
While the central bank cited a good old-fashioned diversification policy, some analysts speculated that the country could be shoring up reserves amid rising tensions between Turkey and its traditional Western allies.