May 15 2018

Gold counterfeiting worries as prices skyrocket in Turkey

Concern is growing about the counterfeiting of gold as the precious metal’s value continues to increase against the lira.

The prices of quarter gold coins, which contain 1.75 grams of 22-carat gold and are considered traditional inflation-beating wedding gifts in Turkey, now exceed 300 liras.

On social media, accounts have begun popping up selling counterfeit quarter gold coins for only 40 liras a piece, pro-government newspaper Takvim said.

The counterfeits have a fake stamp on them that appears to be from the Turkish mint, making their production a crime.

İslam Memiş, a finance analyst at Turkish state news agency Anadolu, said that high gold prices would likely fall after the election.

“We can predict that an optimism in the markets will begin after the June 24 elections,” he said.

“We believe that with these government incentives, the precautions taken in the economy and holiday season, there will be positive turns in the markets.”