Don't Be a Turkey Ripple Effect — April 3, 2026
Gold is a primary asset for protection against government foolishness. Except… when it isn’t.
The Central Bank of Turkey sold and swapped over 118 tonnes of gold in two weeks ending in late March — the largest drop in seven years — to defend the struggling lira and secure U.S. dollars.
The fire sale actions were primarily triggered by surging energy costs and market volatility linked to the Iran war:  In March, Turkey sold off gold it had accumulated since a similar panis sale to defend the lira in 2023. (Source: ZeroHedge) Despite Turkey’s lira defense fund, central banks globally are still acquiring at scale, projected to purchase 800 to 850 tonnes of gold in 2026.
The spot price, as a consequence, barely moved. Gold traded up to $4,804 in overnight trading.
Principal buyers include China, India, Poland and Kazakhstan – all of which continue to aggressively build their reserves to diversify away from the U.S. dollar.
A recent survey showed that 43% of central banks plan to increase their gold holdings this year, up from 29% just two years ago.
Don’t be a Turkey. Buy gold.
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To continue reading, click here... | P.S. Grey Swan Live! was in top form this week with Ian King. We had attendees from the four corners of the continent, from Seattle to Boca Raton, Ontario to Baton Rouge. Arizona and Alabama. If you’re a Grey Swan member, it’s worth your time to join Grey Swan Live! on Thursdays. It’s one of the primary benefits of your membership!
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