The Stealth Turkish Gold Standard
by The Silver Bug There are a few typical gold buying countries that you often hear discussed when talking about the yellow metal. Most notably you hear of Russia, China and India. All of which have a vested interest in the gold and hold it in high esteem. Then, there are those countries that you hear of, which are typical “bashers” of precious metals in general. Most notably, countries in the West, such as the United States, Canada and London. The differences of the pro gold and negative gold countries are many, but most importantly is how these countries portray the ownership and values of precious metals in general. One side see’s precious metals as what it truly is, a safe haven asset that can protect your wealth in a time of turmoil, strife or collapse. The other side sees the yellow metal as a barbarous relic, that only gets in the way of their fiat dominance. Although the above mentioned countries are well known, their is one country that goes under the radar in its love for gold. Turkey. The Turkish people are in fact the worlds third largest purchasers of gold, only bested by China and India. Even though this fact is rarely ever seen in the mainstream media, it does not change reality. The Turkish people are buying gold and buying gold in bulk. It is estimated that roughly 5,000 tonnes of gold alone is hiding under mattresses of the Turkish people. Who rightly see the banking system as unsafe and not to be trusted. The tradition of gold accumulation is one that is deeply ingrained in that of the Turkish people, where the first ever precious metal coin was believed to be minted in 650 BC. Although the accumulation of gold has always been a part of the Turkish culture, it has taken on a whole new level in recent years. In 2013, gold imports into Turkey rose by an impressive 150% . This massive increase in gold imports, unlike other gold friendly countries, has not been predominately driven by the government, in fact quite the opposite, the private sector. This was a result of a ruling by the central bank of Turkey in 2011, which allowed banks to use physical gold to meet reserve requirements. The Turkish banks, when given the choice have moved into gold in a serious way. This ability to use gold to meet reserve requirements has made gold in Turkey the same as any reserve currency, such as the US dollar or the Euro, thus resulting in Turkey unofficially and very silently moving to a semi gold standard. This trend will continue and grow in those countries that are gold friendly. It is only a matter of time before countries such as Russia and China, who are already moving away from the US dollar, officially shed their fiat shackles and embrace the true freedom that only an honest money system can provide.