Finanzen / Bilanzen

Inflation in Turkey pushes Turks to gold

The year-on-year inflation rate in Turkey is almost 60 percent.

In August alone, consumer prices in Turkey rose by 9.1 percent compared with July. The core inflation rate (i.e. excluding energy and food prices) even rose by 65 percent. The Turkish lira is weak, making imported goods more expensive. Gasoline prices are high, and there have also been wage and tax increases, and rent prices have also gone up. The Turkish lira has lost about 70 percent of its value against the U.S. dollar in the last two years. The key interest rate is now 25 percent. Turkish citizens are trying to counter this with stock investments and also with gold investments. Calculated in Turkish lira, the value of gold has risen by around 52 percent this year. Accordingly, gold imports to Turkey have also increased significantly. In any case, this development is positive for the gold price.

How the high key interest rate will affect the economy in Turkey remains to be seen. In any case, a burden is to be expected. Compared with Turkey, the inflation rate in this country, which is expected to average six percent in 2023, is still low, although it is clearly noticeable here. For the coming year, an inflation rate of 2.4 percent is expected for Germany. In any case, gold investments serve to safeguard assets, and that applies worldwide. There is also a nice alternative for investors with the stocks of gold companies. Condor Gold or Gold Terra Resource, for example, are well positioned.

In the Northwest Territories, Gold Terra Resource’s – large and high-grade Yellowknife City Gold Project (918 square kilometers) is producing excellent drill results.

Condor Gold – is focusing on three projects in Nicaragua. The La India Gold Project (100 percent) covers 588 square kilometers and covers 98 percent of the historic La India gold mining district.

Latest corporate information and press releases from Gold Terra Resource (- -).

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