Be Your Own Central Banker Come to Turkey

For centuries, Turks have flocked to the jewelry shops of Istanbul’s labyrinthine Grand Bazaar to trade their gold – ornaments handed down through their families over generations, or bars stashed under mattresses as savings. photo Michelle Ross/Jane Kennedy

Gold is big business in Turkey, for cultural reasons and also because of the country’s experience with bouts of high inflation over the past century. The metal is traditionally given as a gift at weddings and circumcision ceremonies. Turkey’s gold demand, ranks as fifth in the world for jewelry and eighth for retail investment, mostly behind countries with much bigger populations such as India, China and the United States.


Turkey’s favorite Ottoman Empire Gold coin 1255 model Content: 0.2127 troy oz gold     1 Gram Gold Price = $42.50 USD  1 Ounce Gold Price = $1,321.88 USD

Turkey Gold 100 Kurush Coins are throwbacks to the glory days of the mighty Ottoman Empire. There was a several centuries long day an age where this ultimate Muslim superpower represented the single greatest empire in either Europe or the Middle East. At one point, it effectively stretched from North Central Africa through Libya and Egypt, most of the Middle East and Arabian Peninsula, Turkey, Jordan, Iraq, Greece, Cyprus, and the Balkans all the way up to the very gates of Vienna in Austria. Until the empire’s forced breakup for being on the wrong side of the fight in World War I, it still covered Turkey and much of the Middle East even in its terminal days as the so-called “sick old man of Europe.”

Reuters JULY 4, 2012: But in recent months the jewelry shops have a new and unexpected competitor: banks. The country’s commercial banks are pouring their technical expertise and marketing resources into offering their customers gold deposit accounts.

In Turkey you can have a bank account in Turkish lira, Euro‘s, USD dollars and Gold. On April 1st this year the Basel III established Gold as a risk free banking asset, even so, the only option for the Deplorables is stuffing their air-mattress with Gold coins.

Turkish Bank Account Options

LiraEuroUSDGold
20152788986118928.35gm 1 OZ
20163103971106228.35gm 1 OZ
201740631095115228.35gm 1 OZ
201849331092130328.35gm 1 OZ
2019LiraEuroUSDGold
Jan67871118128028.35gm 1 OZ
Feb68461151132128.35gm 1 OZ
Mar69621135128728.35gm 1 OZ
Apr72411131129228.35gm 1 OZ
May76581144128028.35gm 1 OZ
Jun76191167130528.35gm 1 OZ

When we moved here March 2015, we were required to open a bank account showing $6,000 on deposit, in order to receive our one year resident permit. We operated for 2015 with both dollar and Lira accounts. In 2016 I learned you could also open a Euro account, so why not! Then this year I heard from the Jim Rickards YouTube grapevine, that Turkey was the only country in the world with gold denominated bank accounts. We were living in Switzerland and didn’t know it.

Money is gold, and nothing else.” JP Morgan

So gold deposit accounts are measured in grams and how many grams you have is determined by what currency you exchange for the gold. The Turks pay in Lira while expats use their home country source of funds, Euro for the Europeans, British Pound for the Royals and Buck$ for us.

Don’t got no real estate, diamonds, Stocks & Bonds or T-Bills but we’ve got an ounce of gold in a Turkish bank account.

In our example every month our 28.35 gram = 1 ounce deposit, goes up or down based on the spot gold price $1280 January 2019 at are open. When February jumped to $1321, I patted myself on my wallet for having $41 more than when I started. However, March roared in at $1287/oz putting me up just $7 and by May, I was back to scratch at $1280.

I forgot the purpose, the reason for opening the gold account in the first place: “Money is gold, and nothing else,” euros, dollars, lira, pounds, yen, yuan etc. are not real money. Every country’s Central Bank is losing money, some more than others. In 2015 the Turks could buy an ounce of gold for only 2,788 lira, Euro countries 980 euros and Americans 1,189 dollars. So when I got my June 2019 statement $1,305 – $1,189 (2015) = $116 less purchasing power since 2015 or a negative 2.4 interest rate.

Got married in 1973, designed two gold, $90.oz, wedding bands. Those ninety buck rings in June 2019 are worth $1,305. Damn, where are those 46 year-old heirlooms now?

How Do You Get to Sarajevo City Hall? Practice!

The United Nations sponsors musical education in Bosnia. Students, professors and administrators from participating universities, gathered at Sarajevo’s famed City Hall for the weekly Monday Concert. The UN rep gave the opening talk in American English with Bosnian translation. Even the mayor was there.

Sarajevo City Hall the ‘Temple Mount’ of the “European Jerusalem”

Situated at the intersection of three major streets in Sarajevo, the City Hall is a monument to the multiculturalism of Bosnia. Built between 1892 and 1894, the pseudo-Moorish building honored the Muslim background of this Austro-Hungarian territory. The façade is based on Mamluk-period buildings in Cairo. The building has been used for various municipal purposes since its construction, including as a city court and parliament house, which it was until 1948, when it became the National and University Library of Bosnia and Herzegovina. 



Sarajevo was the city of four religions: Catholics, Orthodox, Muslim, and Jews. The Jewish population made note of this, naming the city “The European Jerusalem.”  Settled in prehistoric times, followed by Ottoman rule in the 15th century, Austro-Hungarian rule in the 19th century, Yugoslavia’s communist rule in the 20th century, and finally today’s democracy.

August 25-26, 1992, the City Hall was hit by heavy artillery and incendiary bombs. The hall was set ablaze and the entire library holdings were lost. The fire caused severe damage to the structural and decorative elements of the building. In 1996, the government of Austria funded an initial restoration effort that focused on load-bearing walls and masonry. The European Commission followed in 1999 with funds to continue restoration of structural elements


The edifice was designed by Karel Pařík in a stylistic blend of historical eclecticism, predominantly in the pseudo-Moorish expression, for which the stylistic sources were found in the Islamic art of Spain and North Africa. His epitaph reads: “Here rests the builder of Sarajevo. Czech by birth, Sarajevan by choice. – A thankful Bosnia and Herzegovina.”

In May 2014 the building reopened with a public ceremony. The restoration was completed in time to mark the centenary of World War I, triggered by the assassination of the Austrian Archduke Franz Ferdinand as he left a reception at the building in June 1914. The building now houses the national and university libraries, the city council, and a museum. November 2014

The lower level museum presents the assassination of Archduke Franz Ferdinand of Austria.
Jane Marie and I would not do well on a ‘Jeopardy’ former Yugoslavia geography quiz.
Slovenia (Melania Trump) and Croatia got all the goodies on the coast, Bosnia got Sarajevo (the Muslim Jerusalem & tourist Mecca) and Serbia got all the Serbs in all the wrong places.