Silver Price Turkey
Conversion : 1 troy ounce = 31.1034768 grams
Turkish Lira 24 Hour Spot Silver Price
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Silver Price Turkey
Turkey is known officially as the Republic of Turkey. The capital city of Turkey is Ankara, while its largest city is Istanbul. The Turkish Government is a unitary parliamentary constitutional republic, and the nation was declared a republic in 1923. Turkey has a population of some 80,000,000 people, and covers a land area of about 302,000 square miles. The official language of the republic is Turkish.
The Turkish Lira is the official currency of the country. The lira can be subdivided into 100 smaller units of currency called kurus. The Turkish Lira gets its roots from the ancient Roman unit of weight known as the libra, which referred to a troy pound of silver. The First Turkish Lira was used from 1923 to 2005. Rampant inflation eventually caused the First Turkish Lira to lose so much value it became nearly worthless. The Second Turkish Lira was introduced in 2005 after the currency was revalued. The second edition of the currency is still in use today.
The Turkish Lira is issued and controlled by the nation’s central bank, known as the Central Bank of the Republic of Turkey. The central bank is headquartered in the capital city of Ankara, and was established in 1930. The central bank is responsible not only for managing the country’s currency, but also for maintenance of price stability and oversight of the nation’s payment systems.
The Nadir Metal Refinery was established in Turkey in 1967 by Nadir Tutuncu. In the mid 70s, he started refining precious metals for the market and his operation grew. In 1985, he established Nadir Trading which traded metals in the Grand Bazaar. Finally, the refinery was established in 1993, becoming the nation’s first gold refinery.
The company produces a number of metals products including silver bullion bars. Weights vary from 2.5 grams to 5 kilo bars, 100 ounce bars and more. The bars are fabricated with .999 percent fine silver.
Smaller bars, such as the 2.5 gram, 5 gram or 10 gram bar may make investing in the metal relatively more affordable for smaller investors or those on a tight budget. Larger weight bars, such as the 5 kilo or 100 ounce bar, may offer investors a better overall value compared to smaller bars. From a manufacturing standpoint, the cost to produce a 2.5 gram bar may not be very different from the cost to produce a 5 kilo bar (not factoring in the cost of the metal). Larger bars may, therefore, provide investors with a lower per-ounce premium.
The economy of Turkey is considered an emerging market economy. Turkey is a global leader in production of numerous products including appliances, consumer electronics, textiles, agricultural products and more. The country also has a diversified supply of various minerals including coal, copper, mercury, chromite, marble, limestone, uranium, iron ore and more.
As the nation’s economy becomes more advanced, demand for silver could potentially increase. Industrial demand could increase as more uses for the metal are put into practice. Investment demand could also increase as investors seek out alternatives to traditional asset classes such as stocks and bonds.