Demand increased when quarter gold could not be found in the jeweler! ‘Cut gold’ warning to citizens – Latest News

Milliyet.com.tr/ Due to some problems in gold production, there have been some problems in the availability of quarter and Republic gold, especially in jewelers. Citizens found the solution under cutting. Sale of cut gold has become very popular in some jewelers. So, is it advantageous to buy cut gold? Does a citizen who buys cut gold have problems when he sells it? A very important warning came to citizens regarding the issue.

‘OPEN TO ALL KINDS OF ABUSE’

Mehmet Ali Yıldırımtürk, Gold and Money Markets Expert and Vice President of Istanbul Jewelers, Goldsmiths and Moneychangers Association (İMKUSAD), made important statements about ‘cut gold’ to milliyet.com.tr. Yıldırımtürk used the following statements in his speech:

“Cut gold is the gold that we roll 1 kg of gold into a plate and sell it especially to workshops. The workshop knows very well what gold it buys and where it gets it from. However, when a citizen goes to a jeweler and says ‘give me cut gold’, he is open to all kinds of abuse.

‘A FORM OF TRANSACTION WHICH WILL RISE TOO MUCH VICTIMIZATION’

We certainly have many jeweler friends who work correctly, but there are also jeweler friends who will exploit this. He pulls 1 kg of silver from the roller, turns it into a plate, puts a gold gilt on it and gives it to you. It may even say 24 carat on it. When you take it somewhere else and want to sell it, when they test it, it turns out that it is not gold. When you take it back to where you bought it, they may object and say ‘no, this is not the gold I gave you’. It is a form of transaction where there will be many victims.

DOES IT MAKE SENSE TO BUY CUT GOLD?

I believe that it is not right to buy cut gold when there are grams of gold produced by international refineries certified by the London Metal Exchange. There are 1 gram, 5 gram, 10 gram, 50 gram, 100 gram, 250 gram, half kg, 1 kg gold minted by refineries certified by the London Metal Exchange.

‘THE PROBLEMS WITH THE MINT ARE ELIMINATED’

We can now say that the problems with the Mint have disappeared. There is enough gold now. That’s why it’s not right to buy cut gold. If you want to buy gold, it would not be right to buy any gold other than Republic gold or the gold produced by the refineries produced by the Mint. You can also buy bracelets or jewelry. However, when you think ‘I will buy cut gold, it is cheaper’, I do not think this is true.

SHOULD I REQUEST DOCUMENTS FROM THE JEWELER WHEN BUYING CUT GOLD?

Yes, documentation must definitely be obtained. It needs to be tested whether the setting on it is really 24 carat. When you want to exchange the cut gold you bought from the most reliable place, the jeweler wants to test it.

‘VICTIMIZATION UNDER CERTIFICATE IS ONE IN A MILLION’

There are grams of gold in bags, with a certificate on them, and it is clear who produced them. Even if you buy 1 gram, it is written on it that 1 gram is 24 carat. This is written both inside the bottom and on the bag. You should compare both articles. The victimization here is perhaps one in a million. However, victimization under cutting is much higher.

‘THERE IS NO TROUBLE IN GOLD AVAILABILITY’

There is currently no problem in the availability of gold in the market. The Mint can give as much gold as we want. You can find as many types of quarter gold and Republic gold as you want in the Grand Bazaar or at the jeweler.

NEW PREDICTION UNDER GRAM: WE CAN SEE LEVELS OF 2750 TL

We were expecting some correction in price. I don’t think this fix will be very permanent. Currently, the price of gram gold in jewelers is around 2580 TL. There will be a fix. However, I do not think that gram gold will fall much below 2500 TL. “We can see the level of 2750 TL in the coming weeks or next month.”