In India gold jewelry and ornaments are used as gifts at weddings or childbirths. In Iran gold coins are still used for large payments, such as rent. In many countries in the East gold continues to be part of everyday life. But by examining the Turkish coin market we see more evidence for the deeply rooted differences in gold cultures between East and West.
#Us mint gold coins drivers#
It's not that coin sales in any country are the primary drivers of the global gold price. In Turkey Gold Coins Function As A Parallel Currency Production data by other mints has yet to be published. The Perth Mint in Australia sold 12 tonnes in gold coins in 2019 (down 3% y/y). For the third year in a row, the Turkish Mint has produced more gold coins than the U.S. In 2019, the Turkish National Mint produced 37 tonnes in gold coins (up 31% y/y) and the U.S. Still, the Turks produce five times more gold coins (which are mostly purchased locally). economy is 26 times larger than the Turkish economy. GDP accounts for more than $20 trillion, while Turkey's GDP is less than $800 billion dollars. The enormous difference in Gross Domestic Product (GDP) of both countries puts their production data truly in perspective. Mint exports its coins the world over, while the Turkish Mint does not but produces more coins, highlights the magnitude of Turkish coin production. Coins from the Turkish Mint and Iranian Mint aren't popular in the West, though these fabricators are among the largest globally.Ĭonsidering the U.S. Mint, South African Mint, Chinese Mint, Canadian Mint, Austrian Mint, and Australian (Perth) Mint. Western dealers mostly sell coins produced by the U.S.
If you look around on websites of Western coin dealers, seldom will you find a product minted in Turkey. Two, the Turkish Mint exports few coins to the West. One, because Western media tend to be very U.S.-centric. Hardly ever is the Turkish Mint mentioned.
Mint's annual production was lower than in the previous 17 years. dollar gold price was up 18.9 %, while the U.S. Mint production numbers as if they serve as a proxy for gold sentiment in general, which is a false analysis. Mint is often regarded as the largest mint globally in terms of gold coins produced (measured by weight). In the international English-speaking gold community, the U.S.
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