Turks follow Erdogan's call to get rid of dollars & buy gold

[Solomon2]

Notice the second column its only 2.3% of foreign reserves.

A country's CB maintains foreign reserves to tide its foreign and domestic short-term payment obligations in case its fiat currency crunches. China's leaders believe China's huge dollar and dollar-bond hoard serves that purpose; they have great faith in Uncle Sam, or at least in the Federal Reserve.

 

[xenon54 out]

A country's CB maintains foreign reserves to tide its foreign and domestic short-term payment obligations in case its fiat currency crunches. China's leaders believe China's huge dollar and dollar-bond hoard serves that purpose; they have great faith in Uncle Sam, or at least in the Federal Reserve.

Its not about faith but the fact that US is their biggest market, US economy crashing means Chinese economy crashing too, thats why they invested in US during crisis for exsample.
I mean it was not even a decade ago when US economy caused a global crisis, so i see why Chinese will try to save US whenevery its necessary.

 

[Solomon2]

Its not about faith but the fact that US is their biggest market, US economy crashing means Chinese economy crashing too, thats why they invested in US during crisis for exsample.
I mean it was not even a decade ago when US economy caused a global crisis, so i see why Chinese will try to save US whenevery its necessary.

"If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem."
J. Paul Getty​

Read more at: https://www.brainyquote.com/quotes/quotes/j/jpaulgett129274.html

 

[xenon54 out]

"If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem."
J. Paul Getty​

Read more at: https://www.brainyquote.com/quotes/quotes/j/jpaulgett129274.html

Well, thats basically how it started.

 

[xyxmt]

good decision we should get rid of dollar

what dollars?

 

[Maxpane]

what dollars?

american dollar

 

[Melkor]

Current gold reserves...

View attachment 437119

More under the mattresses I’d assume. Would climb that list substantially if it was accounted for.

 

[Pax Ottomana]

US is losing allies one by one and everyone's dumping the petro-dollar. A new age is upon us.

 

[FuturePAF]

Not just Turkey, but Russia and particularly China as well who are stacking gold in huge quantities. No one can predict the future and how the global financial order will look like but when you have major countries stacking gold, it should be a tell-tale sign of things to come. Fait currency system based on printing money out of thin air is dying its natural death.

As for Pakistan and its deep state, as usual snoozing. Reko Diq should have been mined years ago with its gold stacked in the coffers of the state.

The National Share of the income for the Gold extracted at Reko Diq should be taken in Gold

 

[Killuminati]

Good action agains USA's dollar politics. EU does the same. They dont like Turkey's foreign policy so they start playing with their valuta. Where is the so called democracy?

 

[paritosh]

Nice! Hope the price goes up and we start selling all the gold we have hoarded over eons in India!

 

[Sucha Kuggu]

https://en.wikipedia.org/wiki/Gold_reserve#/media/File:Change_in_gold_reserves_10_years.jpg

https://en.wikipedia.org/wiki/Gold_reserve#/media/File:Gold_reserve_changes_1993-2014.png

 

[Taimoor Khan]

The National Share of the income for the Gold extracted at Reko Diq should be taken in Gold

Reko Riq should be declared as a state strategic asset just like our nuke program. No private entity or even friendly country should be allowed anywhere near it. Mined, extracted and converted in bullions, all done by the state with end product stored in the state coffers as a store of value, not for selling, in similar facilities like fort knox in America. Pakistan must protect itself against any global financial system reset.

 

[Pax Ottomana]

Reko Riq should be declared as a state strategic asset just like our nuke program. No private entity or even friendly country should be allowed anywhere near it. Mined, extracted and converted in bullions, all done by the state with end product stored in the state coffers as a store of value, not for selling, in similar facilities like fort knox in America. Pakistan must protect itself against any global financial system reset.

Very well said.

 

[cloud4000]

There's a reason why so many countries went off the gold standard decades ago. Perhaps people need reminding what a bad idea it really is.