Gold rush at Turkish bazaar a test of trust for lowly lira

Discussion in 'Gold' started by willrocks, Aug 16, 2020.

  1. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    7,777
    Likes Received:
    7,199
    Trophy Points:
    113
    https://www.arabnews.com/node/1719651/business-economy

    https://www.reuters.com/article/us-...-a-test-of-trust-for-lowly-lira-idUSKCN25A0GW
     
    66rounds and madaw1 like this.
  2. hardyakkagold

    hardyakkagold Well-Known Member Silver Stacker

    Joined:
    Mar 25, 2020
    Messages:
    1,540
    Likes Received:
    4,719
    Trophy Points:
    113
    Location:
    Deep Down The Rabbit Hole
    Coming soon to a country near you, don't you worry about that!

    Load up now if you haven't done so already, and beat the mad rush which will soon engulf the world.
     
    kilo and madaw1 like this.
  3. l***g

    l***g Well-Known Member Silver Stacker

    Joined:
    Jun 20, 2014
    Messages:
    493
    Likes Received:
    229
    Trophy Points:
    63
    Location:
    a blue sunday
     
  4. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

    Joined:
    Jun 23, 2010
    Messages:
    1,772
    Likes Received:
    611
    Trophy Points:
    113
    Gold is useless. Where as silver can save your life if you know how.
     
    slavaja and STKR like this.
  5. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

    Joined:
    Jun 23, 2010
    Messages:
    1,772
    Likes Received:
    611
    Trophy Points:
    113
    Pffft. I've been stacking gold and silver probily 3 times your lifetime at a guess. Silver will outclass gold young fella... Lol some people are amateurs :rolleyes:
     
  6. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,987
    Likes Received:
    3,389
    Trophy Points:
    113
    Location:
    Melbourne
    Don't get the gold vs silver hate,
    You should bloody well have both if you've got any sense.

    The East has a longer history with metals than the west, arguably as they have seen the suffering that comes when fiat gets erroded by forces out of their control.

    They say "as good as gold" for a reason
     
    sgbuyer and Silverling like this.
  7. STKR

    STKR Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2019
    Messages:
    1,487
    Likes Received:
    2,846
    Trophy Points:
    113
    LOL @ "the screen showed gold price rising $0.13 in just 10 minutes" - Likely the most insignificant price movement I've ever seen, at a whopping 0.0067%. That's the kind of price movement you'd expect from Gold in a flat, sideways moving market - even in a 10 minute interval. The following 10 minutes it went down $0.26 and even more people rushed in to buy the dip. 30 minutes later it dropped $1, FONGO hit the streets and everyone started panic selling!

    Good articles though. I can see how the Turks and other citizens of countries like Venezuela, Argentina, Zimbabwe etc would be very aware of the threats of inflation.
    Such awareness could be interpreted as a "privilege" in these times. I know I certainly feel privileged to be holding.
     
    Last edited: Aug 16, 2020
    Shlomo Goldberg and 66rounds like this.
  8. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    3,892
    Likes Received:
    1,963
    Trophy Points:
    113
    Location:
    Singapore
    As crazy as it sounds, I bought silver as a hedge against gold. When I bought my first gold coin, there was a GST on it so I still remembered the time there's GST on bullion, it put me off, so I know how tax on gold can destroy the value of gold.

    Even a 5-10% tax will kill it, no need 20% European style VAT. Silver is already taxed in many jurisdiction so it doesn't have this problem.

    Erodogan probably encouraged gold ownership to counter the dollar. But there will come a time, gold will cause the Lira to hyperinflate. When that happens, Turkey will either tax heavily or confiscate the gold.
     
    Last edited: Aug 16, 2020
  9. Ag bullet

    Ag bullet Well-Known Member

    Joined:
    Dec 27, 2013
    Messages:
    1,582
    Likes Received:
    1,570
    Trophy Points:
    113
    Location:
    SE QLD
    they would have to find it first
     
  10. alor

    alor Well-Known Member Silver Stacker

    Joined:
    Jun 16, 2011
    Messages:
    12,102
    Likes Received:
    3,877
    Trophy Points:
    113
    not to mention there is a wealth tax in Italy/ Spain?
    when people hold gold, every year, there is a wealth tax, just like we own land, paying the fee etc
     
  11. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    3,892
    Likes Received:
    1,963
    Trophy Points:
    113
    Location:
    Singapore
    I agree but restrictions on gold will reduce overall demand, even if the restriction is imposed by other countries. By restriction, I also mean taxes and anything that makes buying and selling gold inconvenient. For example, they can make all pawn shop collect a 10% withholding tax for gold sold to pawn shops.

    Add: Remembered seeing a comment someone claiming to be living in Istanbul that there's already a 1% tax on gold investment.
     
    Last edited: Aug 17, 2020
  12. slavaja

    slavaja Well-Known Member Silver Stacker

    Joined:
    Oct 3, 2010
    Messages:
    1,089
    Likes Received:
    767
    Trophy Points:
    113
    Location:
    Melbourne
    It's probably time to move all gold holdings to Singapore
     
  13. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    3,892
    Likes Received:
    1,963
    Trophy Points:
    113
    Location:
    Singapore
    Trouble is in Singapore, they don't regulate metals, but neither do they regulate what the businesses do with your metal.
     

Share This Page