Iran war threatens to reverse central banks' role as major gold buyers

By Jack Ryan Bloomberg News Friday, March 27, 2026 The Iran war is threatening to put a key driver of gold's record-breaking rally into reverse. Turkey has offloaded $8 billion of gold reserves this month in a bid to protect its currency from soaring energy costs and higher demand for dollars. The country's central bank sold and swapped about 60 tons of bullion over two weeks in March. ... Dispatch continues below ... ... ADVERTISEMENT ... First Majestic Mines Silver and Gold,  Mints Its Own Silver Bars, Ingots, Coins, and Medallions, and Sells Them Online at Low Premiums First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company owns and operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver and Gold Mine, the San Dimas Silver and Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project in northeastern Nevada, U.S.A. In 2025 these mines are projected to produce between 27.8 to 31.2 million silver-equivalent ounces, consisting of 13.6 to 15.3 million ounces of silver and 129,000 to 144,000 ounces of gold, with an all-in sustaining cost of $19.89 to $21.27 per payable silver-equivalent ounce. For more information about the company, visit: https://www.firstmajestic.com In a practice unique to First Majestic, the company is proud to manufacture exceptional silver bullion products from its 100%-owned and operated minting facility, First Mint, offering a portion of its own silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at the company's bullion store at low premiums. To review First Mint’s full product range, visit: https://www.firstmint.com That's bigger than the outflow triggered by investors' flight from gold-backed exchange traded funds over the same period,, which was fueled by a dash for cash amid a broader meltdown in financial markets, rising bond yields and a resurgent dollar. If more monetary institutions follow Turkey's example, it would slow the overall pace of purchases and call into question long-term assumptions that central banks are loath to sell gold. "The narrative of central banks as perpetual one-directional buyers is being challenged," said Nicky Shiels, head of metals strategy at MKS PAMP SA, a trader and refiner. ... ... For the remainder of the report: https://www.bloomberg.com/news/newsletters/2026-03-27/iran-war-threatens-to-reverse-central-banks-role-in-gold-market * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon: https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1 * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 Donations of $500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work: https://www.gata.org/sites/default/files/GATA-silver-round-front.png