TURKEY - This week, the relationship between the US and Turkey has taken another gigantic hit. It appears Turkey has joined the other powerhouses of the Eastern world (Russia and China) by preparing for economic warfare against the US in the near future. At the very least, it strongly symbolizes the end of the 70-year alliance between Turkey and the US.
Turkey has decided to pull all of its gold reserves from the US Federal Reserve System. The Central Bank of Turkey requested that the 220 tons of gold be returned to Turkey. At the same time, two Turkish banks – Ziraat and Vakifbank – chose to remove their 95 tons of gold from the Federal Reserve as well.
The reason for this move is believed to be in anticipation of US sanctions on Turkey. This is the US’s way of punishing Turkey for not going along with their plans in Syria and for becoming closer allies with Russia, China and Iran.