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

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    https://www.arabnews.com/node/1719651/business-economy

    https://www.reuters.com/article/us-...-a-test-of-trust-for-lowly-lira-idUSKCN25A0GW
     
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  2. hardyakkagold

    hardyakkagold Well-Known Member

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    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.
     
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  3. l***g

    l***g Active Member Silver Stacker

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  4. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    Gold is useless. Where as silver can save your life if you know how.
     
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  5. hardyakkagold

    hardyakkagold Well-Known Member

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    No it is not Gold that is useless, it is your reply that is useless!

    Gold has been real money for thousands of years, and anyone who has gold by the kilos can buy himself anything he wants
    in this life, house, car, trophy gold digger wife, etc. ;)

    The only people who say that gold is useless are the poor suckers who dont have any:p

    And I am fully aware of the antibacterial and medical properties of silver:rolleyes:
     
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  6. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    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:
     
  7. 66rounds

    66rounds Well-Known Member Silver Stacker

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    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
     
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  8. STKR

    STKR Well-Known Member Silver Stacker

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    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
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  9. hardyakkagold

    hardyakkagold Well-Known Member

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    According to the news article the Turks have an estimated 5,000 tons of gold hidden away from thieving government eyes!

    So I would say that they are on the whole a lot smarter than the majority of the Aussie population.

    I wonder what the figure would be here, maybe 500 tons?

    Or am I being overly patronizing and the true figure might be only 50 tons?:D
     
  10. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    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
  11. Ag bullet

    Ag bullet Well-Known Member

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    they would have to find it first
     
  12. alor

    alor Well-Known Member Silver Stacker

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    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
     
  13. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    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
  14. slavaja

    slavaja Well-Known Member Silver Stacker

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    It's probably time to move all gold holdings to Singapore
     
  15. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Trouble is in Singapore, they don't regulate metals, but neither do they regulate what the businesses do with your metal.
     

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