<div id="readability-page-1"><div>Shortly after the Iran war started, with gold unexpectedly tumbling, we showed that the reason behind gold's paradoxical move - after all, the precious metal has traditionally been a store of value in times of geopolitical stress - was the furious liquidation of gold by emerging markets, in this case Turkey, scrambling to obtain reserve dry powder so Ankara could cover soaring costs of energy imports.<img width="500" height="281" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/turkey%20gold%20sales.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/turkey%20gold%20sales.jpg"/>And indeed, the latest central bank data showed thatTurkey’s foreign reserves had their biggest monthly decline on record in March, as the Iran war triggered global selloffs in emerging market assets and strained the lira.According to balance-of-payments data released on Wednesday, Turkey's official reserves cratered by $43.4 billion in March.Part of the decline reflected state intervention to offset portfolio outflows.The current-account deficit, meanwhile, widened to $9.7 billion in March from $7.3 billion in February as a result of soaring commodity prices.<img width="500" height="261" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/turkish%20reserves%20plunge.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://assets.zerohedge.com/s3fs-public/inline-images/turkish%20reserves%20plunge.jpg"/>A major energy importer, Turkey has been hit hard by higher oil and gas prices caused by the effective closing of the Strait of Hormuz and the resulting disruptions to world supplies of crude and refined products. Meanwhile, global banks have started changing their formerly favorable outlook on the lira, citing the exploding current-account deficit. Should inflation pressures persist, Turkey will have no choice but to pursue another accelerated devaluation of the Turkish lira.“As international institutions continue to raise their average oil price forecasts for 2026, disruptions in supply chains and ongoing regional tensions — and their potential negative impact on transportation and tourism revenues — keep upward risks alive in year-end projections” for Turkey, said Istanbul-based economist Haluk Burumcekci.Turkish central bank Governor Fatih Karahan said last week that the ratio between the current-account deficit and gross domestic product would be “below historical averages” this year while acknowledging the upside risks.Since President Erdogan’s reelection in 2023, a new economic team has sought to stabilize Turkey’s external finances by cooling demand through conventional tools such as higher interest rates and restrictions on credit growth.The central bank has kept its benchmark rate at 37% for two straight meetings but has effectively lended from a costlier rate of 40% since the outbreak of the Iran war — a technical measure to tighten liquidity without instituting a formal rate hike.Inflationary pressures persist, however, with annual price growth picking up to 32.4% in April, a number that is set to rise higher in the coming months.</div></div>

中金黄金

阿尼科伊格尔矿业

土耳其的外汇储备在三月份经历了创纪录的最大月度下降，减少了 434 亿美元，原因是伊朗战争和能源成本上升。经常账户赤字扩大至 97 亿美元，商品价格飙升加剧了这一情况。由于全球银行修订了其展望，土耳其里拉面临下行压力，通货膨胀率仍高达 32.4%。中央银行正试图通过提高利率和信贷限制来稳定财政，但供应链中断和地缘政治紧张局势带来的风险依然存在

Behind Turkey's Gold Sales: The Biggest Ever Plunge In Foreign Reserves

ZeroHedge

Kinross Gold

紫金矿业

纽蒙特矿业

山东黄金

2 倍做多金矿指数 ETF - Direxion

黄金矿 ETF - Sprott

初级黄金矿股 ETF

金矿股 ETF - VanEck Vectors

黄金和贵金属矿商 ETF - U.S. Global

易方达黄金矿-R

土耳其指数 MSCI ETF - iShares

华夏黄金ETF

YieldMax Gold Miners Opt Inc Strgy ETF

黄金勘探商 ETF - GlobalX

华夏中证沪深港黄金产业股票ETF

黄金 ETF - iShares

实物黄金股 ETF - ETFS

全球黄金矿业股 MSCI ETF - iShares

Roundhill Gold Miners Weeklypay ETF

3 倍做多黄金矿业 ETN - MicroSectors

2 倍做多黄金 ETF - ProShares

2 倍做多小型金矿指数 ETF - Direxion

黄金 ETF - SPDR

金矿小盘股 ETF - VanEck Vectors

黄金 MiniShares 信托 - SPDR

易方达黄金矿业ETF

易方达黄金矿-U

土耳其黄金销售背后的原因：外汇储备创下历史最大跌幅