Turks Panic-Buy The Most Gold Ever In July

Tyler Durden's picture

A funny thing has happened in Turkey since President Recep Tayyip Erdogan installed himself as 'Sultan for life'...

The Lira collapsed...

And Turks have been importing gold at an unprecedented rate...

As Bloomberg reports, preliminary trade data from Turkey’s Ministry of Customs and Trade showed the deficit widening to $8.8 billion in July.

An eight-fold increase in gold imports to $2.8 billion from $354 million in the same month last year made the precious metal the second-most imported product and one of the main contributors to the trade gap.

June gold imports were also up by 216 percent year-on-year to $2.1 billion, according to final figures reported by Turkstat, the state statistics agency.

The question is - just like in India - how long before Erdogan 'dictates' an end to gold imports, imposes tariffs, or confiscates the precious metal?

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Xibalba's picture

Price does not reflect data....what the that mean???

Killtruck's picture

Islam = Slavery. 

Gold = Individual Freedom. 

Creepy_Azz_Crackaah's picture

High demand. Therefore, price plummets.




And as an aside: Why aren't the panic buying the Bitcoin "currency?"

Eager Beaver's picture

Price hasn't "plummeted", it's "soared" $50 this month. W00t!

Eager Beaver's picture

Meanwhile, BCH has gone from $217 to $727 back to $492 in less than 24 hours.

Manthong's picture


Big Mo ain’t got nothing on Recip.

Eager Beaver's picture

Prepare for the giant Gold Monkey Hammer in 3...2...1


Eager Beaver's picture

There it comes...you're getting hacked! 

Xibalba's picture

Fiat banking (World Bank, PetroUSD/EUR, Credit system) = Slavery.

Gold = Freedom.




c2nnib2l's picture

buying gold for gain is not in line with shariaw law 

Justin Case's picture

Keep up there big feller. Staying current prevents misguiding readers.

One of the biggest and perhaps most under reported events in the gold spectrum is very close to completion as on Oct. 11, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) announced the primary draft that would allow for gold ownership by Muslims under the stricture of Sharia Law.

Worldwide there are around 1.6 billion Muslims, many of which follow Sharia Law in their cultural and financial lifestyles.  And for centuries gold ownership was limited to both jewelry and currency, as any investment in the precious metal carried the potential of earning interest above the value of the metal, especially in areas such as futures and other paper gold markets.

But now the AAOIFI has laid out new guidelines that will become the standard under Sharia Law, and are expected to become fully functional by the end of 2016.  And with this new opportunity opening up for a significant portion of the Islamic world, expectations are that both the gold price and demand could skyrocket as nearly 25% of the world's population would have access to gold ownership and investment for the first time.

Latitude25's picture

You mean paper gold ownership and investment which enables gross market manipulation

Mustafa Kemal's picture

"You mean paper gold ownership and investment which enables gross market manipulation"

No, evidently, the certificates will be backed %100 phiz

Eager Beaver's picture

I thought gold was money under Sharia law. So what are you going to buy your gold with, gold? Technically, you wouldn't be speculating in gold for gain, but in fiat for gain.

Is this the result of ass backwards western thinking, where you buy money with worthless pieces of paper, then pretend you made a gain when you change it back into worthless pieces of paper?

flyingcaveman's picture

This is the relgion of 20 minute marriages.  They'll follow the letter of any law while completely ignoring the spirit of it.


veritas semper vinces's picture

But you do know that the Koran lists only gold as money and views usury as a great sin.

BandGap's picture

More gobbledegook word play.

Or, they are admitting to a wild assed guess.

GunnerySgtHartman's picture

Gold is over $1270 again ... time for another few billion in notional to be sold.

BandGap's picture

Right after Trump signs the Russian punishment papers he talks about sanctions against China. Maybe Turkey is on to something here.

Hell, they just instituted what amounts to martial law.

And the walls came tumbling down.

Ban KKiller's picture

Lira is filth...gold shines. Stephen King novel where muslims die by jumping into pools of blood. Ha ha ha ha. I'm bored. 

Latitude25's picture

It'll be awhile since Erdogan asked the general public to buy gold.  Tylers go look up your own article from December 2, 2016.  I'd give you the link if it wasn't such a pain in the ass to copy/paste on a mobile phone.

Cashboy's picture

You will probably find out later that the gold that Turkey bought was for Saudi Arabia or Qatar on some dodgy arrangement.


OliverAnd's picture


Erdogan is collecting gold so that the Kurds and others will collect it when they invade Turkey.  This will guarantee Erdogan safe passage to Qatar to spend his 'own' billions he made from selling lemonade and sesame buns out of a childs mobile cart stand.

GodHelpAmerica's picture

Erdogan and the people of turkey clearly have a more eastern view regarding gold. If he was smart he would encourage his people to continue to accumulate precious metals, as this would ensure his nation's strength at a time when the fiat monetary system is obviously breaking down and will take down all those who are tied to it...

Latitude25's picture

He already did encourage them to buy gold.  See December 2, 2016 ZH article.

Xibalba's picture

"...if he was smart".....  That's the kicker....  At best he's a one eyed fool in the valley of the inbred.

Mustafa Kemal's picture

""...if he was smart".....  That's the kicker..."

Thats no kicker at all. Erdogan is probably as smart as they get.  He grew up on the tough side of Istanbul and has survived and prospered. He even turned himself into a Sultan -legally.   

Think what you want about Erdogan, but we would be best to not underestimate him.

OliverAnd's picture

Erdogan is probably as smart as they get only because of people who are more dumb than him.   He made his billions selling lemonade and sesame buns out of a mobile child stand; that is what millions of Turks believe.  The gold he is collecting is to trade with the west as he negotiates his exile to Qatar.  It will guarantee him and his family safe passage so he can enjoy his billions from selling lemonade and sesame buns.  Of course if Qatar does not work out there is also Iran and Pakistan but that would be inappropriate for a Sultan.

ali-ali-al-qomfri's picture

indeed, Turkey's dictatorial shake-up, failing NATchO relations and pivot to the east is historical at least, and mostly forboding.

sinbad2's picture

Turkey has a long history of being a major gold trader. When the US stopped Iran trading in fiat currencies, they used gold, they got through Turkey. It worked so well the US backed down and dropped the sanctions.

It's the US dollar that is dead, not the Lira.

OliverAnd's picture

The Lira has died a long long time ago; even with a declining USD value, the Lira has declined even more.  You are suffering from too much crossed eyed neuro short-circuitng Islamic Turkish Erdoganic pride.

Too-Big-to-Bail's picture

Strange they preferred gold over Bitcoin or other cryptocurrencies, lol

83_vf_1100_c's picture

I have read on here more than once that 7 entities/guys own the bulk of BC and the bigger chunk of what is left was bought up by Chinese trying to move cash out of country. If true, what good is it? Another rigged currency, oh but it's digital!  So is GLD and that shit is no place for the common man to be.

tmosley's picture

You know, you do have access to numerous search engines which can dispell your ignorance in seconds.


Top address has 0.75% of the supply. This list includes exchanges and institutions.

bluskyes's picture

an address is not an entity

tmosley's picture

Whenever making life decisions, I always ask myself, "Self, what would subhuman, child-raping, child beheading, civilization destroying shitskins do?"

Unlike oldbugs, I do the opposite.

bluskyes's picture

Perhaps personal electronics, and high speed internet isn't a priority/considered reliable when you're eating over an open fire at the zoo.

ejmoosa's picture

So the dollar is falling and this and some other currencies are falling faster...all is good!

10mm's picture

Clear evidence after Russian sanction bill that all are on board for dollar demise. Deep State knows it, administration knows it, certainly Russia,China,Turkey, and a host of others. All by design.

Dragon HAwk's picture

Did you know, Nobody gives out free Korans..  Guess the Bible is Worthless (  sarc )

I know what does that have to do with Arabs Buying gold..  Value My Friend.. look for it.

Mustafa Kemal's picture

"Did you know, Nobody gives out free Korans"

Funny, I was given one in Istanbul in 2013.

OliverAnd's picture

It was Erdogan's version I bet....

joego1's picture

That ought to drive the price down and the stawks up.

tropicthunder's picture

All that physical demand doesn't mean jack shit when the shysters can just push the paper price down the toilet when they see fit.

Gold scam continues while Crypto's continue to explode. 

I love it how 99% of the Cryptophiles ended up selling their BCH at 50% less the price where its trading now.

Only fucking idiots sell their "spin-offs", just look at MO-PM-KFT or ABT-ABBV.


tmosley's picture

Agreed. Very satisfied having bought quite a bit off the panickers. The tech looks pretty good to me. Will take advantage of the volatility for fun and profit.

83_vf_1100_c's picture

About time to dust off the Amero coins they have warehoused somewhere.

youngman's picture

Allah must say gold is good