In most every forum Ive recalled the power of, and importance of, gold in Turkey recalled by my days as a young airman there in the '70s. In Turkey, and probably much of the 3'rd world, "Gold" is the bank for a familys wealth because their currency's hold little value and they don't trust financial institutions to save their wealth anyways.
Instead they buy gold and squirrel it away from generation to generation. Gold is a very important wedding gift or gift showing intention to propose by a young mans family. Often they keep it in jewelry instead of pure bullion in order to hide it from the Govt. or other outside eyes. The Turkish gold jewelry markets are always very busy.
Back then a Turkish house boy at a USAF dorm was a rich man because he had access to $USD and black market items we'd trade with him for Turkish rugs. Right outside the base was a street of small shops that also only accepted payment in USD since the Turkish Lira was virtually useless.
And they used this $USD to buy gold. It was in generational gold a familys wealth was based on.
https://www.moneymetals.com/news/20...50630-NRU-PN
Posted 07/14/2025 5:11 pm
