Cheapest Currency in the world are the biggest buyers of Gold
The cheapest currency in the world are also the largest buyers of Gold. They are buying gold to protect themselves against currency devaluation.
The Top 10 cheapest currencies in the world include the Turkish Lira and the Indian Rupee. They were also the largest buyers of gold in 2020. Why are they buying gold? Because they have lost 80% and 40% of their value in the last 10 years respectively.
According to Refinitive Metals, Turkey acquired 135 tonnes or 60% of all gold purchases in 2020 while India accounted for 42 tonnes. What’s more, they bought gold AT ALL TIME HIGHS. Turks and Indians do not need to be told how much gold protects them in a currency crisis.
Guess what else India is famous for buying? Silver. In 2018 India accounted for 145.9 million ounces or 14% of the world’s silver market. In the same year India’s consumption of silver jumped 16% for jewelry and 160% for investment bars. Silver is poor man’s gold and the Indians certainly know it. Read more here
The other cheapest currencies include failed states and sanctioned states like Venezuela and Iran. Guess what they are famous for lately? Adopting Bitcoin.
If you think you are immune from currency devaluation, you better think again. Governments are in a race to devalue their currencies to make their exports and property cheaper for foreigners, and stimulate their economy. Read more here
Turkey was the largest buyer of gold in 2020. Here is the reason why. It’s having a currency crisis. In the last 10 years it has lost 80% of its value.
India was the second largest buyer of gold in 2020. Here’s why. It has lost 40% of its value in the last 10 years.