Gold and money market expert İslam Memiş commented on the developments in gold and the dollar in his video.
Memiş “When will gold and silver prices recover?” In his titled video, he emphasized that what he said was not investment advice.
The explanations in the video published by Islam Memiş are as follows: It is a technique used by central banks around the world to steer people into the stock market, rallies in stock markets, steer people towards long-term instruments and keeping money in the pool. Something like that was planned. Let’s see what investors will do after the Great Depression hits. We will see that in the coming months. They set policy by holding shares in global markets or holding them in their own currencies.
THE LATEST SITUATION IN THE DOLLAR
Dollar TL is at the 18.68-18.71 level on the Grand Bazaar. We are seeing some pullbacks in the dollar-TL exchange rate. There was a fixed exchange rate on the screens, but it rose to 18.75 in the Grand Bazaar. CBRT cut interest rate to 10.50, dollar TL showed no reaction. It has nothing to do with the development of the dollar. We can’t see any movement in dollar TL here because people prefer KKM or because banks are trying to keep investors in TL waiting.
The euro-dollar parity ended the week with a recovery proposal. You’ve seen the markets this week, we leave a stagnant market, rising one day and falling another. Everyone is bored, no taste of salt. The market needs a new story.
Memiş predicted the economic crisis by saying, “There will be such chaos, an economic crisis, that those who see this and those who take their precautions beforehand and those who don’t,” continued: “To this there were very good stories week, of course for those who see and know. Especially France. We saw the social upheaval in the year. We saw these street protests spread to Athens. Economic crises turn into social chaos. Rating agencies gave markets a new report this week as they have priced in 100 percent of the 2023 recession due to the dollar’s value. Fed minutes have been released. This also shows that companies are in a crisis as far as the prospects for 2023 are concerned. Companies are in uncertainty about costs and freight prices. Central banks continue to raise interest rates. Why invest when interest rates are high? After February, those rate hikes will be over, but companies are at an impasse in raising prices. Beginning in the first quarter of 2023, we will see companies going bankrupt around the world. There are still people who are in fairy tales and dreams. Such chaos, such an economic crisis, is coming that there will be a difference between those who saw it and those who took precautions beforehand and those who didn’t. If purchasing power has fallen, poverty has ended, no. That’s why people took to the streets. We will see together what uprisings took place in Europe in November and December.
Brent oil barrel prices ended the week up 1.15 percent. There is news of price cuts and price hikes in the price of oil. We have an expectation of $120-$130 for the last quarter of the year. We don’t expect food inflation to be low, I predict it will continue to rise.”
WHAT IS THE LAST SITUATION IN GOLD AND SILVER?
Let’s talk about gold and silver prices. The price for an ounce of gold is 1640 dollars. Our opening hours are 17.15 (Friday 21 October). The gold ounce is down to 1617 today, let’s see if there can be sustained upmoves again at 1635, free and cheap gold ounce price. It is important to stick to 1635. With withdrawals in the gold ounce, we have seen a 22 percent devaluation in the price of the gold ounce since March. The gram price of gold is 980 lire on the screens. He saw 997 lire. Today it fell below the 1000 lira mark again, but in the evening it leveled off again at the 1000 lira mark. In grams of gold TL, the 980 lira support lies below, the 1038 lira resistance level lies above. It continues to circulate in the band gaps. This is how it goes. Can you buy gold under 1000 lira? I always say yes. I predict the positive outlook for gram gold will continue as the ounce recovery begins.
Silver is at $18.82 an ounce. $18 over $19. It stabilizes in the area. Next week I expect attacks above $19 again. On the gram side we see that it’s 11.26 on the screen at 11.70. It fluctuates between 11-12 lira on this side. Every drop is a buying opportunity. Since it is now harvest time, we continue to collect. We keep accumulating gold and silver as we get new money. If Grammgold was 1112 instead of TL 1002, we wouldn’t exchange our Grammgold again. We don’t sell our gold without buying goods. When we buy a house or a car, we only barter. We do not short sell. We are proponents of purchase. We accumulate gold and silver and pour our investment into the ground. In 2023, most land and land prices will be discussed. We continue to make land and land purchases.
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