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Turkey rapidly expands its gold reserves to all-time high

 
 Turkey Rapidly Expands its Gold Reserves to Hit All-Time High (photo credit: SHUTTERSTOCK)
Turkey Rapidly Expands its Gold Reserves to Hit All-Time High
(photo credit: SHUTTERSTOCK)

Turkey's gold reserves soar to a new record! The country has been rapidly accumulating gold, reflecting a growing trend among central banks seeking a safe haven asset.

Turkey's gold reserves have reached a new milestone, reaching an all-time high of 584.93 tonnes in the second quarter of 2024. This marks a significant increase from 570.30 tonnes in the previous quarter, according to data from the World Gold Council.

The country has been aggressively expanding its gold reserves in recent years, driven by a desire to diversify its foreign exchange reserves and hedge against geopolitical risks. Since 2016, the Turkish Central Bank has purchased nearly 300 tonnes of gold, significantly boosting its holdings.

 Turkey Gold Reserves (credit: WGC)
Turkey Gold Reserves (credit: WGC)

Turkey buys gold on a large scale

"Turkey's decision to increase its gold reserves is a strategic move in line with other major economies like Russia and China," said Frank Knopers, an expert on gold investments. "Gold offers a unique combination of stability, liquidity, and portability, making it an attractive asset for central banks."

As of the second quarter of 2024, gold reserves accounted for approximately 19.9% of Turkey's total foreign exchange reserves. At current market prices, these reserves are valued at over $20 billion.

The country's increased focus on gold is part of a broader trend among central banks worldwide. As geopolitical tensions and economic uncertainty rise, many nations are turning to gold as a safe haven asset.

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This article is for informational purposes only. The opinions and analysis herein are those of the author and are not financial advice. The Jerusalem Post (JPost.com) does not endorse or recommend any investments based on this information. Investors should consider their financial situation, investment goals, and risk tolerance before making any decisions. Consulting a qualified financial advisor is recommended. JPost.com is not liable for any investment losses from using this information. The information provided is for educational purposes only and should not be considered as trading or investment advice.

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