Turks Buying Gold, Uncertain of Their Political Future

A constitutional referendum in Turkey in mid-April could bring the most significant change to the county’s political structure since the introduction of its multiparty election system in 1945. With all of the uncertainty surrounding the vote and a shaky monetary system, Turks are starting to buy gold in large quantities. Turkish gold imports surged 17-fold to 28.2 tons in March, according to a Reuters report, as Turks seek out the safe haven inherent in precious metals.

Polling indicates a close and contentious vote, and passage of the referendum would create a ‘Turkish-style’ executive presidency and vastly increase the president’s powers. According to Human Rights Watch, two important provisions would immediately go into effect.
‘The president would have increased authority over the body that administers the judiciary and controls the appointment of judges and prosecutors, and the prohibition against the president having a formal party affiliation would be lifted. The courts in Turkey are already under political influence and these changes would further reduce judicial independence.’

This post was published at Schiffgold on APRIL 5, 2017.