Turkey taps its gold reserves, sells 58.4 tonnes of gold in two weeks - KITCO

Turkey's massive gold dump tells us more about their currency crisis than gold's value. When central banks sell this aggressively, it's usually fiscal desperation driving the decision. The lira's been under pressure and they need dollars fast. This is textbook forced selling from weak hands. The physical market absorbed 58 tonnes in two weeks without breaking gold's technical structure. That's actually bullish - shows there's deep demand waiting at these levels. Turkey held around 540 tonnes total, so they just shed over 10% of reserves. Other central banks have been net buyers for 13 straight years. One distressed seller doesn't change the macro picture. Stack the dip.