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Old 14th August 2015, 20:25   #1 (permalink)
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Poor TL exchange rate

I was just thinking (probably badly) more for those that have smaller amounts of money in Turkish banks and have been caught out by the poor exchange rate if converting back to Sterling would it be wise to take some of the TL and buy gold in Turkey or is that just adding to the risk?

Anyone got thoughts on this?
Could it be brought back to the UK and sold?
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Old 14th August 2015, 21:25   #2 (permalink)
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Re: Poor TL exchange rate

Gold is valued in USD so the price of it in TL is like everything else, very high.
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Old 14th August 2015, 21:33   #3 (permalink)
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Re: Poor TL exchange rate

I`ll keep an eye on this on ebay.
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Old 15th August 2015, 03:18   #4 (permalink)
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Re: Poor TL exchange rate

If you follow gold prices, or just look at the charts, you will see that the only way it has been going for the last five years, is down. Unless you have some information that says differently, it is a poor investment at the moment. Some predict recovery, but that mainly seems to be hope rather than reality. Having said that, the way to make money is to buy at the bottom of the market and sell on the way back up; the trick is knowing where the bottom is.

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Old 15th August 2015, 07:01   #5 (permalink)
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Re: Poor TL exchange rate

I agree, gold isn't doing well at the moment.

Conventional wisdom says that gold is a ‘safe haven’, an asset to which investors flock when chaos threatens financial markets. Over much of the past century, it has served as a store of value. Those days may be over. Despite several such potential negative events in recent months, investors have wanted nothing to do with the yellow metal. - See more at: https://www.thefinancialist.com/no-h....KvO5IsK9.dpuf

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Old 15th August 2015, 08:08   #6 (permalink)
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Re: Poor TL exchange rate

It's so easy to "buy" Try selling it !! It's really not worth the hassel, unless you are a professional dealer yourself.
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Old 15th August 2015, 09:16   #7 (permalink)
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Re: Poor TL exchange rate

Quote:
Originally Posted by juco View Post
Anyone got thoughts on this?
Could it be brought back to the UK and sold?
I maybe wrong, but I was under the impression that people who invest in gold dont actually carry it about with them from country to country but actually buy it electronically at a given price like any other tradeable commodity, and then sell it hopefully for a profit without actually seeing the stuff.
Just like those investing in oil dont have Shell knocking on the door with a tanker-full every month I dont expect you physically need to have your hands on the product to have an investment.
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Old 15th August 2015, 09:24   #8 (permalink)
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Re: Poor TL exchange rate

Quote:
Originally Posted by villabaris1 View Post
I maybe wrong, but I was under the impression that people who invest in gold dont actually carry it about with them from country to country but actually buy it electronically at a given price like any other tradeable commodity, and then sell it hopefully for a profit without actually seeing the stuff.
Just like those investing in oil dont have Shell knocking on the door with a tanker-full every month I dont expect you physically need to have your hands on the product to have an investment.
There is real gold and paper gold. Russia , China and Germany are buying gold like mad but still the price goes down, very odd!
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Old 15th August 2015, 09:29   #9 (permalink)
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Re: Poor TL exchange rate

Apparently it is easy to buy and sell gold coins in Turkey although thats based on hearsay as I have never tried.
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Old 15th August 2015, 11:52   #10 (permalink)
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Re: Poor TL exchange rate

The main problem with taking it out of the country you buy in is mainly down to your duty free allowance, so if you can wear what you buy you have more chance of avoiding paying a excess charge charge on your purchased goods.
Then again you need to buy at the scarp value and not as a finished item price.

I can't remember what they are called, but there are some very common gold coins in Turkey which are bought and given as presents by Turkish people for I believe almost any occasion.

Coins are usually the better option because they are only priced on weight.

And as usual.................. Caveat emptor
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