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How to interpret this? Think that it's very much a case of perspective.
Yes, the Central Bank of Turkey is selling #gold, which is counter to the theme of unprecedented central bank buying.
But...
Yes, the Central Bank of Turkey is selling #gold, which is counter to the theme of unprecedented central bank buying.
But...
https://twitter.com/KrishanGopaul/status/1659539704138571777
Putting this another way, if all the sales from the CBT have been to fulfill demand for gold domestically, then retail investment demand for #gold has exploded in Turkey.
Here is quarterly #gold bar and coin demand from our #GDT data series.
Here is quarterly #gold bar and coin demand from our #GDT data series.
Q1-2023 saw strong demand of about 50t...
The implication is that in April alone 80t of #gold was bought in Turkey.
Turkish investors have turned to #gold to protect then from high inflation and the prospect of currency depreciation.
The implication is that in April alone 80t of #gold was bought in Turkey.
Turkish investors have turned to #gold to protect then from high inflation and the prospect of currency depreciation.
I think this doesn't change the narrative about the huge increase in central bank #gold demand over the past nine months, as Turkey is a fairly idiosyncratic case.
Yes, other central banks may be forced to sell some gold due to economic circumstances. But more are buying.
Yes, other central banks may be forced to sell some gold due to economic circumstances. But more are buying.
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