{"id":52464,"date":"2026-08-06T23:21:59","date_gmt":"2026-08-06T23:21:59","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/guney-kore-merkez-bankasi-merkez-bankasi-talebi-yuksek-seyrederken-yurtici-arz-ve-etfler-uzerinden-altin-alimlarina-yeniden-basladi\/"},"modified":"2026-08-06T23:21:59","modified_gmt":"2026-08-06T23:21:59","slug":"guney-kore-merkez-bankasi-merkez-bankasi-talebi-yuksek-seyrederken-yurtici-arz-ve-etfler-uzerinden-altin-alimlarina-yeniden-basladi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/guney-kore-merkez-bankasi-merkez-bankasi-talebi-yuksek-seyrederken-yurtici-arz-ve-etfler-uzerinden-altin-alimlarina-yeniden-basladi\/","title":{"rendered":"G\u00fcney Kore Merkez Bankas\u0131, Merkez Bankas\u0131 Talebi Y\u00fcksek Seyrederken Yurti\u00e7i Arz ve ETF\u2019ler \u00dczerinden Alt\u0131n Al\u0131mlar\u0131na Yeniden Ba\u015flad\u0131"},"content":{"rendered":"

Net merkez bankas\u0131 alt\u0131n al\u0131mlar\u0131, 2010-2021 d\u00f6neminde y\u0131ll\u0131k ortalama 473 tondan son d\u00f6rt y\u0131lda neredeyse 1.000 tona y\u00fckseldi. Birikime geli\u015fen piyasa kurumlar\u0131 \u00f6nc\u00fcl\u00fck ederken, G\u00fcney Kore yeni bir yakla\u015f\u0131m ortaya koydu: Kore Merkez Bankas\u0131 (Bank of Korea), yerli madencilerden uluslararas\u0131 spot fiyatlarla yurti\u00e7inde \u00fcretilen alt\u0131n sat\u0131n almak i\u00e7in bir \u00e7er\u00e7eve olu\u015fturdu ve ayr\u0131ca alt\u0131n ETF paylar\u0131 almaya ba\u015flad\u0131. Son olarak 13 y\u0131l \u00f6nce rezervlerine ekleme yapan banka, halihaz\u0131rda toplam rezervlerin yakla\u015f\u0131k %1,1\u2019ine denk gelen 104 tonun biraz \u00fczerinde alt\u0131n tutuyor; i\u015flemleri Kore Borsas\u0131 (Korea Exchange) ve Kore Menkul K\u0131ymetler Deposu\u2019nun (Korea Securities Depository) kolayla\u015ft\u0131rmas\u0131; LS MnM ile Korea Zinc\u2019in ise uygun metali sa\u011flamas\u0131 planlan\u0131yor.<\/p>\n\n

Madenciler y\u0131ll\u0131k 4 ila 5 ton \u00fcretim yap\u0131yor; al\u0131mlar, piyasa ve rezerv y\u00f6netimi ko\u015fullar\u0131 elverdi\u011finde ger\u00e7ekle\u015ftirilecek. Uzla\u015fman\u0131n won \u00fczerinden yap\u0131lmas\u0131, d\u00f6viz rezervlerine ba\u015fvurulmas\u0131n\u0131 \u00f6nlemek \u00fczere kurguland\u0131; depolaman\u0131n G\u00fcney Kore\u2019de olmas\u0131 beklenirken mevcut varl\u0131klar\u0131n b\u00fcy\u00fck k\u0131sm\u0131 Londra\u2019da bulunuyor. \u00dclkenin \u00f6nceki al\u0131m d\u00f6ng\u00fcs\u00fcnde alt\u0131n Eyl\u00fcl 2011\u2019de ons ba\u015f\u0131na 1.920 dolarla zirve yapt\u0131ktan sonra 2013\u2019te 1.180 dolara gerileyerek %38 d\u00fc\u015fm\u00fc\u015f, ger\u00e7ekle\u015fmemi\u015f zararlar 2015\u2019e gelindi\u011finde 1,8 trilyon wona ula\u015fm\u0131\u015ft\u0131; o d\u00f6nemde al\u0131nan 90 ton alt\u0131n bug\u00fcn al\u0131m maliyetinin yakla\u015f\u0131k 7 milyar dolar \u00fczerinde de\u011ferlenmi\u015f durumda. K\u00fcresel \u00f6l\u00e7ekte merkez bankalar\u0131 ge\u00e7en y\u0131l 863 ton ekleme yapt\u0131; bu rakam y\u0131ll\u0131k bazda %21 d\u00fc\u015f\u00fc\u015fe i\u015faret ediyor. 2022\u2019de ise 1950\u2019den bu yana g\u00f6r\u00fclen en y\u00fcksek seviye olan 1.136 tonluk rekor kaydedilmi\u015fti. ECB ge\u00e7en ay, alt\u0131n\u0131n en b\u00fcy\u00fck rezerv varl\u0131\u011f\u0131 olarak ABD Hazine tahvillerini geride b\u0131rakt\u0131\u011f\u0131n\u0131 s\u00f6yledi.<\/p>\n\n

Merkez Bankas\u0131 Alt\u0131n Talebinin \u0130\u015flem Yans\u0131malar\u0131<\/h3>\n\n

Kore Merkez Bankas\u0131\u2019n\u0131n 13 y\u0131l aradan sonra yeniden alt\u0131n al\u0131m\u0131na d\u00f6nme y\u00f6n\u00fcndeki kritik karar\u0131 sonras\u0131nda, t\u00fcrev i\u015flem yat\u0131r\u0131mc\u0131lar\u0131n\u0131n \u00f6n\u00fcm\u00fczdeki haftalarda a\u011f\u0131rl\u0131kl\u0131 bi\u00e7imde uzun (long) alt\u0131n pozisyonlar\u0131n\u0131 tercih etmesini \u00f6neriyoruz. Yerli arz ve alt\u0131n ETF\u2019leri almay\u0131 planlayan b\u00fcy\u00fck bir geli\u015fmi\u015f ekonominin bu stratejik de\u011fi\u015fimi, k\u00fcresel alt\u0131n fiyatlar\u0131 i\u00e7in yap\u0131sal bir taban sinyali veriyor. Fiziki arz do\u011frudan yerel rafinerilerden \u00e7ekildik\u00e7e, k\u00fcresel piyasada likit arz\u0131n s\u0131k\u0131la\u015fmas\u0131 ve t\u00fcrev enstr\u00fcmanlar i\u00e7in y\u00fckseli\u015f yanl\u0131 bir ortam olu\u015fmas\u0131 beklenir.<\/p>\n\n

K\u00fcresel merkez bankas\u0131 talebinin \u00f6l\u00e7e\u011fine bakmak gerekiyor: Bu talep 2023\u2019te 1.037 tonun \u00fczerine \u00e7\u0131kt\u0131 ve 2024 ile 2025 boyunca tarihsel zirvelere yak\u0131n seyrini korudu. Bu aral\u0131ks\u0131z kurumsal al\u0131mlar alt\u0131n fiyatlar\u0131n\u0131 rekor seviyelere ta\u015f\u0131maya yard\u0131mc\u0131 oldu; alt\u0131n son d\u00f6nemde istikrarl\u0131 bi\u00e7imde ons ba\u015f\u0131na 2.400 dolar\u0131n \u00fczerinde i\u015flem g\u00f6rd\u00fc. B\u00fcy\u00fck kurumlar\u0131n birincil rezerv varl\u0131\u011f\u0131 olarak ABD Hazine tahvilleri yerine aktif bi\u00e7imde alt\u0131na y\u00f6nelmesiyle, yap\u0131sal yukar\u0131 y\u00f6nl\u00fc bask\u0131n\u0131n neredeyse garanti oldu\u011fu de\u011ferlendirilir.<\/p>\n\n

Opsiyon Stratejileri ve Risk Y\u00f6netimi<\/h3>\n\n

\u00d6n\u00fcm\u00fczdeki haftalar i\u00e7in, prim maliyetlerini y\u00f6netirken yukar\u0131 y\u00f6nl\u00fc potansiyeli yakalamak amac\u0131yla alt\u0131n vadeli i\u015flemleri veya GLD opsiyonlar\u0131 \u00fczerinde bo\u011fa al\u0131m spread\u2019lerinin (bull call spread) kullan\u0131lmas\u0131n\u0131 \u00f6neriyoruz. Jeopolitik gerilimler s\u00fcrd\u00fck\u00e7e ima edilen volatilite artabilir; bu da tan\u0131ml\u0131 riskli stratejileri daha cazip k\u0131lar. Yat\u0131r\u0131mc\u0131lar\u0131n, bu kurumsal al\u0131m bask\u0131s\u0131n\u0131n piyasada tam olarak ortaya \u00e7\u0131kmas\u0131na imk\u00e2n vermek i\u00e7in \u00fc\u00e7 ila alt\u0131 ay vadeli (expiration) tarihlere odaklanmas\u0131 gerekir.<\/p>\n\n

K\u0131sa vadeli geri \u00e7ekilmeler g\u00f6r\u00fclse bile, tarihsel veriler merkez bankalar\u0131n\u0131n uzun vadeli birikiminin a\u015fa\u011f\u0131 y\u00f6nl\u00fc riskin uzun s\u00fcreli olmas\u0131na kar\u015f\u0131 koruma sa\u011flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. K\u00fc\u00e7\u00fck teknik k\u0131r\u0131lmalarda alt\u0131n\u0131 a\u00e7\u0131\u011fa satmay\u0131 (short) \u00f6nermiyoruz; zira herhangi bir d\u00fc\u015f\u00fc\u015f\u00fcn, ABD dolar\u0131na alternatif arayan rezerv y\u00f6neticileri taraf\u0131ndan agresif bi\u00e7imde al\u0131mla kar\u015f\u0131lanmas\u0131 olas\u0131. Bunun yerine yat\u0131r\u0131mc\u0131lar\u0131n, k\u0131sa vadeli zay\u0131fl\u0131klar\u0131 daha d\u00fc\u015f\u00fck kullan\u0131m fiyatlar\u0131ndan al\u0131m opsiyonu (call) almak i\u00e7in bir f\u0131rsat olarak de\u011ferlendirmesi \u00f6nerilir.<\/p>\n\n\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

Alt\u0131nda yeni hik\u00e2ye: Merkez bankas\u0131 al\u0131mlar\u0131 ~1.000 tona ko\u015farken Kore MB 13 y\u0131l sonra yerli madenden spotla, wonla ve ETF\u2019le al\u0131ma d\u00f6n\u00fcyor. Piyasa long\/bo\u011fa spread odakl\u0131.<\/p>\n","protected":false},"author":87,"featured_media":50089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-52464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t