Business & Economy

Turkey reports major gold Discovery.

Turkey reports major gold Discovery.

Gold is one thing that people would prioritise to invest on. Gold rates are never the same. They always keep who invests in Gold may have a secured future because if not today someday gold rates will definitely hit Sky. Gold rates may drop or increase based on the market condition but one may have an assured living. Gold is a fixed asset, unlike other fixed assets like plants and machinery etc Gold does not undergo depreciation. How amazing is that?!. Gold does not undergo depreciation in accounting as it has an unlimited useful life span.

Gold is very important when a country is experiencing high levels of inflation. When a country experiences high levels of inflation, investors of the country typically buy large quantities of gold because the demand for gold increases during the inflationary period. The inherent value and Limited supply makes gold more valuable. Gold cannot be diluted hence is able to retain its value much better than other forms of currency.

Countries’ currency increases if they have large quantities of gold reserves. The more gold exports they do the more value their currency gains. When the gold prices increase the country will see an increase in the strength of its currency as well. Now imagine having found billions worth of gold in a country. Yes, Turkey has discovered a massive gold Treasure. It was found in the Central West area of Sogut. The gold found is said to be worth 6 billion dollar or Rs 44,000 crore. It is a real Jackpot. There are several countries in the world that have less GDP then the value of gold discovered in Turkey. Around 99 tons of gold was discovered. Countries such as Maldives ,Liberia ,Bhutan have less GDP than Turkish Gold Treasure. Maldives is 4.87 billion dollars, Bhutan is 2.53 billion dollars, Liberia is 3.29 billion dollars , Burundi is 3.17 billion dollars, Lesotho is 2.58 billion dollars. Other countries such as Mauritania, Montenegro, Barbados, Guyana and many more have lesser size of economies than the gold treasure found in Turkey.

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