Turkey's $Lira collapsing

[TexasFreedom]

https://www.zerohedge.com/markets/t...ell-their-cars-and-houses-buy-gold-while-lira
Apparently this has been brewing for a few years. 4 years ago, a lira was worth $0.30. Now it's under half that, or about $0.13. People are dumping their lira for gold. Not 'paper gold', but real gold coins & bars. And they are choosing that over US dollars.

Before you write them off, 100 years ago the same thing was happening. But back then Turkey was called the Ottoman Empire, and their dying action was World War One. And it was instigated by a financial failure that took about 50 years to culminate.

 

[backandbeyond]

The people of southern europe have never trusted their governments, with good reason. They have an entirely different outlook to money preservation and this just shows it. Sicilians are the same way, Indians for the most part, and no doubt many Chinese. Westerners say they don't trust their governments, but most are like deer in the headlights. Gold sales bear this out.

The Turkish chart is worse than the aussie one but since gold tracks the $US inversely, I imagine those invested in it are doing ok. I buy very little from the states but I compile a list over time and wait for the $US to weaken. A stong $ is the time to buy gold, so we know the long term outlook don't we...

 

[DrHenley]

200 years ago, a dollar would buy you a fancy dinner at a posh restaurant in New York City. Today a dollar won't even buy you a cup of coffee in New York City.
200 years ago, an ounce of gold would buy you a very nice tailored suit. Today an ounce of gold will buy you a very nice tailored suit.

 

[Schattentarn]

More and more the monetary system is being used by governments as a tool of conflict. Wall Street/London/Frankfurt have privatized this conflict. Recently very private institutions like Bitcoin have joined in. Now the Ape Army is attacking Wall Street and the Federal Reserve can't print money fast enough.

Is there any reason on the planet not to exchange your money for things of real value like gold or real estate?

 

[ban1985]

The current Turkish president is the main culprit in the decline of the national currency, he takes over all institutions and infiltrates his people everywhere, people who doubt him quickly go to jail or lose their jobs. I think within a year now two national bank bosses there have been removed from office because they have not done what Erdogan wanted.
Erdogan is like Stalin, he makes common cause with shady characters, destabilizes Syria, makes curious deals with Ukraine and blackmails Europe and finances mosques everywhere here that preach his kind of faith.
The Turkish population must be more and more down because of inflation but that is Erdogan no matter, he has now the whole police and large parts of the army with his people in the hand, this Man is dangerous.

 

[backandbeyond]

Today an ounce of gold will buy you a very nice tailored suit.

And this is the whole point of gold. If I work for 40 years and buy my home, set it up with solar etc, and then retire, I don't actually need a lot of money. Gold retains my purchasing power, it's a guarantee. Unfortunately the last 50 years of rabid inflation has conditioned people to think they need a return on any investment, a dividend aside from capital appreciation.

1 Mar, 2020
" Putin said that although last week was the worst for global markets since the 2008 financial crisis, Russia has enough reserves to stay afloat even if the situation continues to deteriorate. The country’s gold and foreign currency holdings currently stand at $563 billion " Putin says Russia should be ready for any scenario as oil market suffers steep decline

 

[GaRp58]

At least somebodies President is doing something right for a change, Putin is not the best candidate for any higher position, but he is making progress (slowly) and I love the fact that he actually AGREED WITH MY PRESIDENT in public, here in Hungary about the pedophile law which was just passed to protect the children in this country!!!! Live free, Gary

 

[backandbeyond]

Well he's a criminal basically, but like most criminals he has a code of ethics and is protective of his - Russia's - profits.