Gold Crash Wipes Out Millions in Fortunes!
After reaching record levels in March, the tide has turned in the gold market. Investors who sold their homes and cars to switch to physical gold at peak prices found themselves facing a massive loss in just a few months. Here is the breakdown of the losses amounting to millions, figure by figure.
What are the gold prices today?
At the onset of March, the price of physical gram gold in the free market hit a historic high, reaching 7,622.90 TL. Seizing this record-breaking moment, citizens flocked to jewelers. While experts unanimously agree that gold will yield returns for investors in the long run, these days are proving to be challenging for those seeking a safe haven investment.
As of Friday morning, July 17th, the price of physical gram gold plummeted to 6,080 TL levels, causing a seismic shock in the market. The net loss in value since its historic peak has reached 20.24%. This translates into a heavy toll for investors, who have lost a full fifth of their savings, or 20 out of every 100 liras in their pocket.
Those who sold their homes and cars to invest in gold have been burned! Here's the million-dollar damage report.
Those who entered the market at its peak experienced a total meltdown of their fortune, proportional to the size of their investment. Revealed the damage report of those who sold their homes and cars to invest in gold. Here's the breakdown of the losses:
Investors who put 1 million TL in gold: An investor who tied up 1 million liras in gold at the record price on March 1 could have bought approximately 131.18 grams of physical gold at that time. Today, the total value of the gold they hold has dropped to 797,574 TL. The net loss is a whopping 202,426 TL.
Investors who put 3 million TL in gold: Those who sold their luxury vehicles or apartments to invest 3 million TL in gold were able to acquire approximately 393.55 grams of gold. The current value of this accumulation is 2,392,784 TL. The difference, that is, the net loss, is 607,216 TL. With this loss, one could easily buy a very clean, lightly used second-hand family car in today's market.
Investors who put 5 million TL in gold: Those who sold a property in Istanbul and invested 5 million TL in gold, viewing it as a 'guaranteed profit,' became the owners of approximately 655.91 grams of gold. With current prices, this accumulation has fallen to 3,987,932 TL. The magnitude of the loss is jaw-dropping: A colossal fortune of 1,012,068 TL has evaporated.
Investors who put 10 million TL in gold: The value of the 1,311.83 grams of gold in the hands of giant investors who made large property sales and bought 10 million TL worth of gold has dropped to 7,975,926 TL. The net loss left by the investor in the market is recorded as a staggering 2,024,074 TL.
Will gold prices rise?
Analysts at Bank of America (BofA) are signaling the need for short-term caution, warning that a new bottom wave could come within the range of '$3,702 - $3,605 per ounce'. In contrast, experts from Fidelity, one of the world's largest portfolio management companies, are forecasting that gold will embark on a new bull run in the medium and long term, driven by macroeconomic dynamics.
(The statements contained in this content are not investment advice)
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