Gold markets have gained momentum due to the crisis between Russia and Ukraine, which affected the whole world. Gold and Money Markets Specialist İslam Memiş also shared his comments on this issue and shared his thoughts on what will happen next. As Kriptokoin.com, we convey the details…
Islam Memiş: War rhetoric manipulated the gold market
Last week, with Russia’s invasion of Ukraine, investors in the market turned to safe-haven assets such as precious metals. While this increased the price of the precious metal, it caused a decline in the cryptocurrency ecosystem, which includes Bitcoin and altcoins. While ounce gold climbed to peaks not seen for eight months, an expectation of 900 lira was formed under gram. So what will happen now? Islam Memiş pointed out that in the last case, war was priced in, but in the previous 10 days, the markets were manipulated by the discourse of war. He stated that the increase in the dollar index also had an effect on the markets.
He stated that he thinks that those who buy and sell in the short term will make a loss this year and that short-term sales should not be made. He says his expectation is 1,450 liras for grams and $2,150 for ounces. Ounce gold closed the week at $1,890 and gram gold at around 840 lira. Islam Memiş stated that precious metals or foreign currency will not be purchased at these levels. Instead, he pointed out that it is now possible to invest in investment instruments, the stock market and cryptocurrencies that are on the decline rather than at their peak levels. Memiş used the following statements by stating that something was bought while it was always on the rise as a general investor movement:
There is always the goal of getting something while rising. He doesn’t care if a gram of gold is 800 lira, but if it’s 1000 lira, he rushes to buy it. I don’t think the perception will be broken. The time of the war operation process in question is not clear.
Expert: Uncertainty can last 10-15 days
Stating that the current unbalanced situation in the market may last for 10 and 15 days, and that there is an imbalance at the moment, İslam Memiş states that there will be rises and falls under grams, and that there will not be a healthy price movement. He states that he will not buy gold or silver at the current high prices. He states that he thinks it is wrong to buy grams of gold over 830 liras.
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