https://www.arabnews.com/node/1719651/business-economy https://www.reuters.com/article/us-...-a-test-of-trust-for-lowly-lira-idUSKCN25A0GW
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.
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
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
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.
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.
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
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.
Trouble is in Singapore, they don't regulate metals, but neither do they regulate what the businesses do with your metal.