<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>

中金黃金

阿尼科伊格爾礦業

土耳其的外匯儲備在三月份經歷了創紀錄的最大月度下降，減少了 434 億美元，原因是伊朗戰爭和能源成本上升。經常賬户赤字擴大至 97 億美元，商品價格飆升加劇了這一情況。由於全球銀行修訂了其展望，土耳其里拉面臨下行壓力，通貨膨脹率仍高達 32.4%。中央銀行正試圖通過提高利率和信貸限制來穩定財政，但供應鏈中斷和地緣政治緊張局勢帶來的風險依然存在

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

ZeroHedge

Kinross Gold

紫金礦業

紐蒙特礦業

山東黃金

2 倍做多金礦指數 ETF - Direxion

黃金礦 ETF - Sprott

初級黃金礦股 ETF

金礦股 ETF - VanEck Vectors

黃金和貴金屬礦商 ETF - U.S. Global

易方達黃金礦-R

土耳其指數 MSCI ETF - iShares

華夏黃金ETF

YieldMax Gold Miners Opt Inc Strgy ETF

黃金勘探商 ETF - GlobalX

華夏中證滬深港黃金產業股票ETF

黃金 ETF - iShares

實物黃金股 ETF - ETFS

全球黃金礦業股 MSCI ETF - iShares

Roundhill Gold Miners Weeklypay ETF

3 倍做多黃金礦業 ETN - MicroSectors

2 倍做多黃金 ETF - ProShares

2 倍做多小型金礦指數 ETF - Direxion

SPDR 金 ETF

金礦小盤股 ETF - VanEck Vectors

黃金 MiniShares 信託 - SPDR

易方達黃金礦業ETF

易方達黃金礦-U

土耳其黃金銷售背後的原因：外匯儲備創下歷史最大跌幅