Venture investor Samer Choucair stated that the Central Bank of the Republic of Turkey sold more than 120 tons of gold within a few weeks, marking the largest weekly decline in its reserves since 2013.
He explained that this move is not isolated from broader economic realities, but rather reflects a recurring pattern: when options narrow, nations turn to gold as a last resort.
Choucair noted that gold reached approximately $4,676 per ounce in April 2026, emphasizing that the real question is not whether Turkey is selling its gold, but what this signals for regional investors and their portfolios.
He added that gold’s role as a stabilizing asset has not diminished; rather, it has been deployed as a temporary safety valve for the Turkish lira.
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Timeline of Turkey’s Gold Liquidation
Choucair outlined that in the first week of March, Turkey sold 69 tons of gold amid escalating tensions between the United States and Iran. In the second week, an additional 31 tons were sold following the collapse of the lira below critical support levels, while the third week saw a further 20 tons utilized through financial swaps to inject liquidity into the market.
These operations collectively exceeded 120 tons, with an estimated value of around $20 billion.
He explained that Turkey’s heavy reliance on energy imports forced it to turn to gold as a defensive tool, stating:
“With disruptions to Iranian exports, gold shifted from a reserve asset to an active economic instrument.”
Gold, he noted, helps maintain liquidity and temporarily stabilize the domestic currency, while swaps provide additional liquidity without requiring a full liquidation of reserves.
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Global Lessons: Five Countries, One Pattern
Choucair emphasized that Turkey is not unique in this scenario, pointing to five historical examples across different continents:
United Kingdom: The sale of 395 tons of gold in 1999 is widely regarded as a historic miscalculation, with its current value exceeding $55 billion—highlighting the risks of selling reserves during stable periods for non-economic reasons.
Switzerland: Sold 1,550 tons over eight years, but a public referendum halted further sales—underscoring gold’s role as a symbol of national sovereignty, not merely a financial asset.
Russia: Built reserves exceeding 2,300 tons, providing both economic resilience and strategic protection against Western sanctions.
Venezuela: Sold and diverted more than 73 tons to cover fiscal deficits, demonstrating how politically driven sales can jeopardize national wealth.
China: Continues to accumulate gold quietly, illustrating a strategic approach of buying during stability and holding during crises.
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Impact on Global Markets
Choucair highlighted that gold prices did not collapse despite the scale of Turkey’s sales, as strong physical demand from Asian central banks, sovereign wealth funds, and Middle Eastern investors offset the selling pressure.
He noted that gold maintained record levels at $4,676 per ounce, supported by a 12% increase in Asian demand, with China, India, and Russia among the leading buyers.
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Choucair’s Investment Strategy for 2026
Choucair advised that investors should approach gold with strategic awareness, outlining an optimal portfolio allocation for Gulf investors:
20–25% in physical gold or ETFs as protection against geopolitical shocks
5–10% in cryptocurrencies such as Bitcoin and Ethereum as a form of “digital gold” linked to geopolitical tensions
5–8% in mining stocks to benefit from rising gold prices
25–30% in Gulf government bonds offering stable returns
15–20% in energy sector equities to capitalize on oil and gas markets
10–15% in U.S. dollar liquidity to seize opportunities during market dislocations
He further emphasized key investment principles: avoid panic selling, build reserves during stable periods, diversify across gold, digital assets, energy, and liquidity, prioritize geopolitical awareness over purely numerical analysis, and maintain a long-term perspective.
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Gold: The Ultimate Crisis Test
Choucair concluded his analysis by stating:
“From London in 1999 to Ankara in 2026, gold is sold in the darkest moments by the weakest financial positions—and quietly accumulated by the most sophisticated players.”
He stressed that Turkey has not signaled the end of gold’s relevance, but rather reaffirmed its status as one of the most powerful tools available to states during crises.
He concluded:
“Crises do not announce their arrival. The difference between a successful investor and a failing one is not what happens during the crisis, but the preparation made years in advance.”
He added that Arab investors need portfolios that function as a “safety valve,” much like Turkey’s approach, emphasizing that those who act with foresight and composure will be the ones to capture gains in the next cycle.