Rumor: Turkey Selling Gold

by Dave

Read an article at KWN where Rick Rule suggested that – rumor is – Turkey has sold 50-75% of its gold stash as a result of its currency crisis.

Which, he said, is a great argument for holding gold, but it is probably having an unfortunate impact on the current price of the metal.

Likewise, that gold mutual fund liquidation has probably resulted in some weakness in the mining shares too.

Turkey’s total holdings as of May: 596 tons, or $23 billion in bullion.  Or in COMEX terms, that’s 192k contracts, or roughly the size of the entire managed money short position (197k) as of last week.

kingworldnews.com/rick-rule-we-are-now-at-the-end-of-panic-selling-in-gold-silver-and-the-shares/

The Turkey rumor would explain why gold is moving so counter-intuitively given the currency crisis in TRY.  Which, btw, is being pounded yet again today.  Its back up to 6.77 – up from 6.01 just 4 days ago.  How much fun would it be to do business when the currency moves are this volatile?  We might even see new highs before the weekend.  That rumor from Armstrong about the impending default on Turkish debt may well be driving the move in the currency.  Erdogan’s setup is to blame the West for all Turkey’s problems – which will explain away the default.  “It wasn’t me, it was the evil Westerners that caused the problem.”  Which Trump more or less walked right into with his tariffs.

ca.investing.com/currencies/usd-try

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