Silver Rises Over 120% YTD 
In Istanbul’s 560-year-old Grand Bazaar, traders are witnessing panic as Turks rush to exchange their rapidly devaluing lira for dollars, gold, and other stable assets.
The Turkish currency has lost more than 80% of its value over five years due to President Erdogan’s controversial economic policies, particularly pressuring the central bank to cut interest rates despite soaring inflation.
Though Erdogan appointed new economic leadership after a close election, their cautious approach has failed to stabilize the currency. Gold traders report exhaustion from market volatility despite increased business, with industry estimates suggesting Turkish citizens privately hold $200-300 billion in gold.
The economic turmoil persists despite government regulations designed to force businesses to maintain lira holdings, as citizens continue seeking safe havens for their savings.
