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Turks Panic-Buy The Most Gold Ever In July

Turks Panic-Buy The Most Gold Ever In July

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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