Households in Turkey are estimated to hold about 5,000 tons of gold outside the banking system worth around $500 billion, which is nearly 35 % of Turkey’s GDP.
Investing in gold is a traditional habits of Turks. Besides tradition, gold’s lucrative gains lure more people to save gold instead of buying stocks or investing in interest.
Statistics show that gold prices have risen by 82% year-to-date, meaning that those holding gold in their vaults have got 82% richer in last nine months. Given that gold prices may continue its trend within next year, Turks might double their wealth soon.
Market experts expect more more investment in gold in Türkiye.
Economists say that so much gold in households is the basic reason for non-crash of Turkish economy.
