Turkey Repatriates Gold From The US
Regime change coming in 3, 2, 1...
Any time a leader in the Middle East has suggested Gold for Oil or repatriation of Gold, they have been attacked by the US military or ousted from power via a "domestic uprising". The Turkish government has recently completed a repatriation of their Gold from the US Federal Reserve in the past month and their President Recep Tayyip Erdogan recently called the Petrodollar dominance into question.
“I made a suggestion at a G20 meeting. I asked: Why do we make all loans in dollars? Let’s use another currency. I suggest that the loans should be made based on gold,” Erdogan said during a speech at the opening ceremony of the Global Entrepreneurship Congress in Istanbul.
Erdogan is tempting fate as there is a long list of Middle East Kings, Presidents and Dictators that have suggested this on the international stage before and it didn't work out to well for them.
This is a clear indication that faith in the US "custody" of sovereign gold is coming into question more and more. According to the latest Fed data, the amount of physical gold stored at the NY Fed has dropped to the lowest on record, or 5,750 tonnes, following a withdrawal scramble that started in 2014 and continued until the end of 2016. After 15 months with 0 withdrawals, they resumed in 2018, with 28 tons of gold repatriated between January and March. It will be interesting to see how the rest of the next few years plays out.
Meanwhile, the currency war is already playing out...
I am Lord @matthewwarn and I have Stackitis...but there are worse problems to have in life...like calling the Petrodollar into question and thinking a domestic uprising won't happen.
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They gonna get it now,It's funny how this always plays out.I bet Soros has a big short on their currancy!
Their Lira is getting taken out back to the woodshed...hes going to have to do something or they’ll get Venezula-ed
That figures,Don't mess with king dollar if you want to live or stay in power!
Ouch,I hope you traded that pair!Sorry for the turkish folk's but Damn!
I've never gotten sucked into trading currencies...too tedious for me. But this would have been a good one..holy smokes!
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Parece un buena propuesta cambiar los prestamos de dolares a oro a si serán mucho mas grandes las ganancias.