Turks keep buying gold at record pace as lira plummets

BNN Bloomberg/Asli Kandemir and Ugur Yilmaz/11-27-2020

“A year of crisis for the lira has kept Turks buying gold at a record pace. Now the appetite for more bullion risks becoming a drag on the currency just as a rally struggles to regain momentum.”

USAGOLD note:  Below is a picture of what happens to the price of gold when a nation-state allows or forces its currency to deteriorate. And some are astonished when the population flees to gold?

Turkish lira in U.S. dollars
(Five years)

line chart showing the deterioration of the turkish lira last five years

Gold in Turkish lira
(Five years)

line chart showing the appreciation in the price of gold in Turkish lira over the last five years

Charts courtesy of TradingView.com • • • Click to enlarge


Repost from 11-29-2020

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