In a stunning change, Turkish silver exports surged to the United States in 2021 as citizens sold metal to offset the collapse of the Lira. Thus, silver behaved exactly how it should by protecting wealth for Turkish citizens as its currency, the Lira, continues to depreciate. However, this is just the beginning.
Wait until the ENERGY CLIFF spreads to other parts of the world. More Fiat currencies will come under pressure forcing more citizens to buy more silver to protect wealth. And of course, when the large institutions start moving into silver, then there really isn’t that much available supply… only at much HIGHER PRICES.
I also wanted to let you know that CLOUD HARD ASSETS sells Silver Krugerrands & Silver Philharmonics (& Britannias) at only $3.75 over spot. If you go to the large online dealers and compare prices, you will find out that Cloud Hard Assets has the best prices.
You can contact Tom, Dan, or Jade… Click here: CLOUD HARD ASSETS. You can also call (800) 247-2812.
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Do we know if this is mainly regular citizens doing the selling or is it the central bank? So when they sell an oz of silver for $26, I assume they get lots of cheap Lira making it possible to wipe out debt, like a mortgage. It would be interesting to know how many groceries an ounce would buy.
Wnen they sell silver, they get lots of dollars with which to leverage the eradication of any type of debt, be that in Lira, or something else.
They also get a medium of exchange they can buy gasoline with, natural gas, other import goods, FOOD, etc.
The lesson is when you have silver, and for now dollars or Euros, your have a functional medium of exchange
Having watched what happened in Venezuela: About 12 years ago Venezuelan banks stopped giving mortgage loans in the national currency. If you wanted a mortgage loan it was denominated in Dollars. So your debt doesn’t get inflated away with the national currency. There is more to unpack there, but if you want to inflate away your debt you’d have to lock your loans before the currency heads into a death spiral.
I’m not sure what is happening in Turkey, but if you look at real estate in Istanbul you’ll see the prices denominated in Dollars. Similar to Venezuela. https://www.propertyturkey.com/real_estate/turkey/istanbul
Having said that you will see real estate in Dollar terms trending down over time. That is because a nation leveraging another currency (Dollars) as their defacto reserve currency will always be hungry for Dollars.
Thank you Pete,
So when the US dollar crashes, if you want a mortgage you need to buy in gold and silver bullion.
Any new or big news with silver in India?
In the future Steve will point out Americans will need tangible assets to sell or barter with, as the dollar loses its purchasing power.
Steve,
Some entities in Turkey are getting silver from somewhere and selling it to the U.S.
Then you showed other than coal well over 90% of their oil and natural gas is imported.
Why not show a table of several other countries and how much of their oil, coal, and gas is being imported?
Venezuela?
Argentina?
Numerous carribean Islands Nations?
China?
Australia?
Germany?
I think this would be an eye-opener.
Just by coincidence, I found Joe Blogg’s – blog a couple days ago. Highly recommended! He really goes into detail on the Turkey situation.
Turkey is really in trouble, unfortunately. On top of it all, they had a huge, once-in-30-year snowstorm this past week! Crippled the whole country.
Turkey uses natural gas to generate about 26% of their electricity. Reportedly, a very large share of Turkish factories and businesses have been forced by government mandate to shut down for a period of 4-20 days due to the projected loss of electrical power.
Next on deck: Turkey’s substantial gold bullion horde.