According to the Turkish Statistical Institute’s real return rates of financial investment instruments in August, gold bullion provided the highest return with 7.93 percent when adjusted for consumer inflation. While Government Domestic Debt Securities made a real gain of 1.38 percent, euro 1.34 percent and deposit interest 1.05 percent, the dollar recorded a real loss of 0.15 percent and BIST 100 a real loss of 1.13 percent. However, silver is not included in TUIK’s calculation. The calculation based on market prices reveals a different picture in August. While gram silver was approximately 87.22 TL on July 31, it increased to 102.83 TL at the end of the month. Thus, monthly nominal earnings became 17.9 percent.
IT DOUBLES
Considering that the CPI increased by 1.84 percent in August, the real return of gram silver is calculated as approximately 15.8 percent. When calculated according to D-PPI, real earnings remain at approximately 14.9 percent. Thus, the monthly real performance of silver is approximately double the 7.93 percent gold bullion return.
CALCULATION METHOD
The rise in silver was not only due to exchange rate movements. In international markets, an ounce of silver also rose from approximately $58.26 to $66.55 throughout August. The annual performance of silver is also remarkable. While the gram price was approximately 52.02 TL on 29 August 2025, it increased to 102.83 TL on 31 August 2026.. Thus, the nominal increase reached 97.7 percent. Considering that the annual CPI is 31.51 percent, the real return of silver is calculated as approximately 50 percent. However, high volatility as well as high profits in silver attract attention. Gram silver, which was around 126.54 TL at the end of February, dropped to 102.83 TL at the end of August, losing 18.7 percent of its value in the six-month period.
