Gap Widens Between Gold Certificate and Gram Gold Prices

The price gap between the Mint Gold Certificate traded on Borsa Istanbul and spot gram gold in the market has widened to historic levels, prompting analysts to explain the reasons behind the divergence.
 

As of yesterday’s close, the Gold Certificate equivalent to 0.01 grams reached 61.40 TL, meaning a 100-gram certificate was priced at 6,140 TL.
 

Meanwhile, spot gram gold traded at around 5,028 TL, while in the Grand Bazaar it was priced at 5,178 TL.
 

Economist İris Cibre noted that the margin between the AltınS1 certificate and gram gold widened to about 23% in favor of the certificate. She explained that such margins usually occur during periods of economic or political risk, and that the certificate provides logistical and quantitative advantages for small investors.
 

The absence of short-selling opportunities on the certificate also increases the margin, since arbitrage that could bring prices closer to the spot level is not possible. However, experts caution that when the margin expands significantly, sharp corrections may follow. Historically, the margin ranges between 5% and 9%, and values above that pose notable risks for AltınS1 holders.