Gold and Money Markets Specialist Mehmet Ali Yıldırımtürk commented on the decrease in gold mines and the amount extracted. Thinking that this situation is already reflected in the prices, Yıldırımtürk explained what will happen in the long run. He also said what could replace gold, which has been seen as a store of value for years. cryptocoin.com We are giving the details as…
Gold crisis: What to expect?
According to the World Gold Council, the amount of precious metal remaining in gold reserves is about 53 thousand tons. Considering that an average of 3 tons is extracted per year, it is thought that the reserves will be depleted in 18 years, that is, in 2040. So, what does it mean to run out of gold, which is everywhere in our lives? How are prices affected? Gold and Money Markets Specialist Mehmet Ali Yıldırımtürk drew attention to this scarcity and pointed to its reflection in prices. The expert, who thinks that this depletion is alarming, still thinks that this process may take a little longer if the risk appetite increases in the upcoming period.
As it is known, the yellow metal is an asset called a “safe haven” that investors cling to, especially in case of economic uncertainty. In order for gold, which has been on the rise recently, especially with the coronavirus crisis and inflation concerns, to fall, people in the general market need to want to take risks rather than trying to protect their assets. This is something that will happen as economic unrest subsides. This is what Yıldırımtürk is talking about. “If the uneasiness in the world economy does not continue in the coming period, if a normalization process is entered, the 18-year time frame may be a little longer,” the expert says.
What can be used as an alternative to gold?
Stating that there has been a change in the consumption of precious metals in general, Yıldırımtürk states that there were no jewelries under 22 carats in the past, and that a period in which 8 carats is considered normal will now be entered. Also, drawing attention to cryptocurrencies as an alternative to gold, Yıldırımtürk said, “When cryptocurrencies come to a state-controlled order, an agreement can be made like the Bretton Woods (International Monetary Agreement that makes the US dollar a valid currency against gold).” uses expressions. He thinks that if such a thing happens, 18 years can increase to 30-40 years.
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