19.08.2026 22:20
Finance Analyst Islam Memis, who was a guest of Olgun Kiziltepe on Haberler.com, evaluated the sharp fluctuations in the gold and silver markets. Memis stated that the price of gold per ounce could retest the level of $5,000 by the end of the year, that gram gold could see 8,000 lira in line with his previous forecast, and that he expects the 7,000 lira level to be exceeded in the short term. Addressing those who will have weddings and those who have gold debts, Memis noted that the declines could present an opportunity.
Finance Analyst Islam Memis, who was the guest of Olgun Kiziltepe on Haberler.com, evaluated the latest developments in the commodity markets.
Noting that there have been sharp fluctuations in gold, silver, platinum, and palladium this year, Memis said investors should not panic in the face of price movements.
Arguing that the activity in the markets cannot be read only through technical indicators, Memis stated that war, central bank reserve policies, physical demand, and fund transactions are decisive on gold prices.
$4,400 IS A CRITICAL LEVEL FOR GOLD
Reminding that gold fell from $5,600 to $3,950 during the year, Memis noted that a recovery trend has recently come to the forefront in the market.
Memis said he sees the $4,200 and $4,400 levels for ounce gold as technically important resistance points. He stated that if persistence above $4,400 is achieved, the $4,500-$4,600 band could come to the agenda.
In his assessment of the activity in the gold market, Memis said: “When we look at the gold side this year, it made a name for itself with a rise last year. This year, it is making a name for itself with a decline. We had serious warnings to gold investors especially in January. This year will be a year of manipulation across the entire market—gold, silver, platinum, palladium.”
Stating that gold is seeking to rise again after a 7-month decline process, Memis said, “The $4,400 level has critical importance here. If we see persistence above it, we can talk about the $4,500-$4,600 level.”
“IT IS A MANIPULATION MARKET, NOT A TECHNICAL ONE”
Arguing that the sharp declines in gold cannot be explained only by technical correction, Memis claimed there is a deliberate suppression in the market.
Claiming that Gulf countries sold gold and silver due to cash needs following the developments in the Strait of Hormuz, Memis said margin calls in ETF markets also increased selling pressure.
Memis conveyed his view on the process as follows: “Making a technical correction is one thing. Being under pressure in a downward resistance for months is another thing. Look, from a logical standpoint, you need to observe this.”
Arguing that gold and other commodities are trading below their real values, Memis maintained that developments in the market should be evaluated together with war and economic uncertainties.
“I EXPECT A TEST OF $5,000 BY THE END OF THE YEAR”
Memis also announced his expectation for ounce gold for the end of the year. Reminding that he had previously shared a forecast of ounce gold between $3,880 and $5,880 for 2026, Memis said a significant part of this range has been realized.
Stating that his own prediction is for ounce gold to test the $5,000 level again by the end of the year, Memis also emphasized that this forecast is his personal estimate.
Memis listed the reasons for his expectation of a rise in gold as follows: “First, we have a gold market in front of us that has not priced in a real war or real inflation. Because gold truly loves foggy weather, loves war, loves inflation, loves uncertainty. But this side has never been bought. On the contrary, it has lost significant value.”
Noting that central banks continuing their gold purchases also supports the market, Memis said various countries, especially China, have increased their reserves.
EXPECTATION OF 8,000 LIRAS FOR GRAM GOLD IN AUGUST
Evaluating gram gold prices in the domestic market, Memis said gram gold saw the 8,157 lira level during the year and then declined to around 5,950 lira.
Memis stated that he had previously made a forecast of 8,000 liras for gram gold based on the expectation of a ceasefire and agreement in the second half of the year.
Memis said, “Yes, in the second half of the year, a ceasefire agreement will come. Here, the gold side will relax again, and we could see 8,000 liras in gram gold in August. I had this forecast personally.”
However, Memis stated that due to the resumption of conflicts after the ceasefire, market conditions have changed and a delayed upward trend has formed in gram gold.
“THE 7,000 LIRA LEVEL CAN BE EXCEEDED IN THE SHORT TERM”
Noting that gram gold has so far mostly followed ounce gold, Memis said the dollar/TL exchange rate could also have more influence on the price in the coming period.
Memis explained his current short-term expectation regarding the existing market conditions as follows: “Personally, I again expect the 7,000 lira level to be exceeded within this month.”
Thus, in Memis's statements, his previously expressed expectation of 8,000 liras in August for gram gold and his current forecast of exceeding the 7,000 lira level stood out separately.
WARNING TO THOSE PREPARING FOR WEDDINGS AND THOSE WITH GOLD DEBT
Stating that those preparing for weddings and those with gold debt should closely follow price movements, Memis argued that the recent pullbacks create an opportunity for these individuals.
Stating that it would be more appropriate, especially for those with gold debt, to close their debts, Memis said, “Not borrowing gold is the best option here, but I personally think that our citizens who are obliged to borrow should also close their debts.”
Noting that gram gold stands out in terms of long-term performance, Memis argued that gram gold has attracted attention with its return over the last 25 years.
“GOLD WILL BE THE CHAMPION IN 2026”
Sharing his expectations for silver in the program, Memis said this commodity maintains its potential in the long term, but he sees gold as more advantageous for 2026.
Reminding that silver stood out in 2025, Memis stated he thinks gold will finish the year ahead for 2026.
Memis said, “Will gold be the champion in 2026, or will silver be the champion? My answer was in favor of gold. Yes, our champion in 2025 was silver. But in 2026, I predict gold will finish the year in first place due to the gold-silver ratio.”
Stating that silver fell from $122 to $55 and then traded around $65, Memis said he will follow $75 technically. Stating that he does not expect to see the $100 level by the end of the year under current conditions, Memis considered the $96 level as strong resistance.
“FOCUS ON QUANTITY, NOT PRICE”
Reiterating his message to investors at the end of the program, Memis said fluctuations in the markets could continue until the end of the year.
Stating that due to the continuation of war and economic uncertainties, investors should focus on preserving the quantity of assets they hold and diversifying their investments rather than focusing on a single price level, Memis concluded his words as follows: “I recommend all our investor friends to continue on their way patiently until the end of the year, just protecting their assets.”
Memiş stated that new sharp movements may be seen in the market in the coming months, emphasizing that strong psychology and financial literacy will play an important role in investment decisions.
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