Financial Markets Expert Yıldırım: People are convinced that gold is increasing due to the dollar

Financial Markets Expert Hakan Yıldırım indicating that gold prices and minimum wage comparisons are wrong, said: “It is tried to emphasize that the economic situation is deteriorating by comparing gold with the minimum wage. The increase in the dollar exchange rate increases the price of gram gold quite naturally, but gold prices in Turkish Lira depend not only on the exchange rate of the dollar, but also on the price of ounce of gold in dollars.”

Indicating that a comprehensive perception operation was carried out against the markets in different quality but serving a common purpose, Financial Markets Expert at Istanbul Gelisim University Asst. Prof. Dr. Hakan Yıldırım added: “Some foreign countries, Economists that has adopted commenting against Turkey with false information a matter we are encountered frequently in recent days on TV programs. There are reports comparing the minimum wage and gold prices for 2005 and 2019. With this news comparing 17.1 grams of gold was taken with a minimum wage of 350 Liras in 2005, and 2 thousand and 20 Liras with a minimum wage of 7 grams of gold was taken in 2019, it is tried tocreate a false and different perception.”

Yıldırım said: “While the dollar rate for 2005 was 1.34 pounds, the average for 2019 was 5.65. If we do not take into account the exchange rate of gold in ounces of grams of gold when the price of a dramatic rise in prices is reached again.” dedi.

“COMPARING WITH THE MINIMUM WAGE IT IS BEING CREATED THE STRESS THAT THE ECONOMY GOES TO BAD”

Hakan Yıldırım stating that people believe that gold only increases or decreases due to the exchange rate of dollars, said: “It is not taken into account that gold has increased in dollars per ounce. The society was convinced that gold prices were rising due to economic developments. In addition, gold is compared with the minimum wage and the economy is shown as undermined. The increase in the exchange rate will naturally raise the gold prices. The increase in the dollar exchange rate increases the price of gram gold quite naturally, but gold prices in Turkish Lira depend not only on the exchange rate of the dollar, but also on the price of ounce of gold in dollars.”

Yıldırım continued as follows:

“On the other hand, it is extremely wrong to make comparisons with precious metals such as gold when making comparisons for minimum wages, which may lead the public to be misguided during the evaluation of macroeconomic outcomes.”