Earlier today a new report out showed that China continued dumping dollars in November at the rate of $30 billion, taking their 12 month totals to $404 billion. At the same time, demand for gold has skyrocketed in China where premiums on the metal are ranging between $50 - $800 per ounce.
Asked by their President Recep Tayyip Erdogan to shun the dollar, Turks are favoring gold over liras.
On the face of it, the appeal to defend the Turkish currency worked. It arrested the biggest three-week surge in foreign-currency deposits since August as Turks drew down a net $450 million from these accounts in the week ended Dec. 9. But residents also boosted their precious metal holdings, traditionally denominated in dollars, by $700 million, a hint that confidence in their currency remains tenuous, according to Nomura Inc. - Bloomberg Markets
As governments look towards creating policies to try to ban cash as a way to protect their dying monetary systems, more and more people are realizing that the current fiat money system that has been prevalent around the world since the 1970's is collapsing around them. And those that are agile enough to move out of their devaluing currencies and into a sounder form of money such as gold before the supply becomes completely unaffordable, are the ones who will, just like what is slowly taking place in Turkey, be prepared during this emerging currency and banking crisis where even the dollar is no longer safe.