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Financial Times? Laura Pitel/10-27-2020
“Melike Demiroglu has little time for those who say that the dramatic slide in the Turkish lira is good for her country. As a diabetic, the 25-year-old is dependent on an insulin pump whose monthly subscription fee is indexed to the dollar. ‘When the dollar goes up, the price goes up,’ she said.”
USAGOLD note: Ms. Demiroglu’s suffers the same plight as any citizen whose currency is being systematically being devalued. The best protection against such an outcome is diversify with gold well-before the process begins. We ran the chart below earlier in the week and thought it appropriate to repost for those who might have missed it. The gain in gold is proportional to the loss in the lira’s purchasing power.
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