Turkey boasts the fourteenth largest economy and they’ve had easy access to global debt markets. If that debt were issued in terms of lira, no problem, it could be paid off with cheaper lira. Unfortunately, roughly $450bn of that debt was issued in terms of other fiat currencies, with USD denominated bonds making up a full third of that debt!
Therefore, as the lira dies, that debt becomes impossible to repay.
In terms of the USDs, spot gold has been hammered. In terms of lira, gold is at all-time highs. In reality, physical gold is simply providing its most important function, protecting wealth.
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