Military Coup in Turkey - How Will This Impact Gold?

PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
More unrest and problems in the world. Turkey is falling apart and causing destabilization in Europe. How big an impact will this have on gold?

(CNN)A military coup erupted in Turkey early Saturday, with tanks and soldiers in the streets, protesters mustering forces, gunfire and explosions punctuating the chaos and both the government of President Recep Tayyip Erdogan and the military claiming they were in control.

With little independent confirmation on anything coming out of Turkey but with videos and photos of dramatic street action flooding out, the international community was left to watch, and wait

Comments

  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    Turkey is a country of 75 million people and the link between Europe and the Middle East. We have seen the disintegration of Iraq and Sryia cause no end of trouble. Now if Turkey falls into chaos, there will be serious consequences. We note that many people rushed to ATMs and food stores as soon as the coup started. The gold market spiked just as the market closed for the weekend.

    This is another reminder that the world remains a dangerous and nervous place for many people.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    edited July 2016
    Erodogan seems to have wrested back control.
    Till Allenby, the Turks ran the Middle East. @Pinkdog At the core is the rejection of Sykes Picot @GrandpaBrian
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    Saw this on @ArtMatters twitter account this morning.

    People lining up to get money out of ATMs in Turkey.


  • GoldmattersGoldmatters Posts: 4,020 Admin
    @GoldIsCurrency Another example of how the Goldmoney platform can help an average citizen. In times of unrest and chaos (there seems to be a lot of that going around these days) it sure is nice to have something outside the banking system to insure ourselves with.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    @Pinkdog I think the plot is not real and keep on repeating from WTC collapsed to the war in Iraq, Libya, now Syria, Yemen, creation of ISIS/ISIL and now IS, the current surrounding of Russian border by the military and so on.
    Something fishy was pre-planned and will backfire those created all these mess for their greed sake.
  • KlausKlaus Posts: 102 Copper ✭✭
    edited July 2016
    Pinkdog said:

    More unrest and problems in the world. Turkey is falling apart and causing destabilization in Europe. How big an impact will this have on gold?

    (CNN)A military coup erupted in Turkey early Saturday, with tanks and soldiers in the streets, protesters mustering forces, gunfire and explosions punctuating the chaos and both the government of President Recep Tayyip Erdogan and the military claiming they were in control.

    With little independent confirmation on anything coming out of Turkey but with videos and photos of dramatic street action flooding out, the international community was left to watch, and wait

    A couple of tips on Turkey and gold:

    It is a distinctive country in using gold at a a retail banking level. As a matter of fact, there are banking accounts denominated in gold, you may deposit gold, there are gold-backed banking accounts, etc

    Also, it has been one of the most active countries in buying gold during recent years. Its gold reserves grew almost five-fold between 2009 (3.7m ounces) and 2015 (16.6m ounces).

    It has been long suspected that Turkey played a key role for Iran in circumventing US and UN sanctions by being a channel for Iran in selling its oil in exchange for gold.

    So its a gold-savvy country
  • Rj838Rj838 Posts: 217 Bronze ✭✭✭
    I think it is a scenario played out by Erdogan to clean the 'round table'.

    More structure #Turkey.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
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