Turkey – a major consumer of gold

Inflation is particularly high in Turkey, although it is currently falling, the central bank is lowering interest rates, and the trend is moving in a positive direction. However, the domestic lira is under downward pressure against the US dollar and the euro. No wonder that demand for gold is among the highest in the world. Now, due to high gold prices, silver seems to be becoming more attractive.

While Turkey imported almost 300,000 ounces of gold in June 2025, the figure was just under 140,000 ounces in July. Looking at the first seven months of 2025 compared to the same period last year; gold imports were roughly the same overall. The price of gold has risen by 47 percent against the Turkish lira since the beginning of the year, which is not insignificant. Gold production in Turkey has been declining for some time. The issuance of gold coins and bars by the Turkish Mint fell by around half between January and July 2025 compared to the previous year. Figures also show that traders on the Borsa Istanbul appear to be increasingly switching from gold to silver (physical), with silver imports rising significantly while gold imports declined.

Gold and silver represent currency preservation, not only in countries with very high inflation. Central banks ensure strong global demand for gold. Although demand in the jewelry sector is declining slightly overall, spending in the jewelry sector is increasing at the same time. According to the World Gold Council, demand from institutional investors is strong, as are OTC investments. Gold and silver are part of asset allocation, and mining companies that own these precious metals should also be considered.

Fortuna Mining – https://www.commodity-tv.com/ondemand/companies/profil/fortuna-mining-inc/ – is a successful gold and silver producer with mines in West Africa and Latin America. In the second quarter of 2025, more than 71,600 ounces of gold were produced. The mine in Ivory Coast is currently scoring with very good drilling results.

Sierra Madre Gold and Silver – https://www.commodity-tv.com/ondemand/companies/profil/sierra-madre-gold-silver-ltd/ – successfully started production at its Guitarra project (gold and silver) in Mexico at the beginning of the year. A second promising project in Mexico is part of the portfolio.

Current company information and press releases from Sierra Madre Gold and Silver (- https://www.resource-capital.ch/en/companies/sierra-madre-gold-and-silver-ltd/ -) and Fortuna Mining (- https://www.resource-capital.ch/en/companies/fortuna-mining-corp/  -)

Sources: https://www.kitco.com/news/article/2025-08-18/turkiyes-gold-imports-fall-2023-lows-despite-47-gain-against-lira-investors?utm_campaign=The%20confidence%20trap%3A%20why%20smart%20investors%20still%20blow%20up%20in%20bull%20markets&utm_content=Kitco%20News%3A%20Daily%20Recap&utm_medium=email&utm_source=kitco&utm_term=;

World Gold Council, https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2025;

Handelsblatt, https://www.handelsblatt.com/finanzen/maerkte/devisen-rohstoffe/tuerkei-lira-verfall-ohne-ende-welche-gefahrenjetzt-drohen/100146322.html  

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