Turkey’s Gold-Buying Spree Has Market Wondering How Much and Why

Bloomberg/Eddie Van Der Walt/11-03-17

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.

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