BY ÖZDER ŞEYDA UYANIK
Gold prices surged by 67% in 2025, ending the year with a series of record highs. In 2026, the upward momentum and record breaking trend continue not only in gold but also in other precious metals such as silver and platinum.
Since the beginning of the week, spot gold has risen by nearly 3%, while the gold certificate traded on Borsa Istanbul (ALTINS1) has declined sharply.
The stock market is rising
Gold and Precious Metals Market Expert Mehmet Ali Yıldırımtürk had previously drawn attention to movements in ALTINS1 when sharing his outlook for 2026.
Commenting on expectations for the year, Yıldırımtürk said:
“Investors trading equities have, for now, parked their money in ALTINS1. Due to strong demand, a price discrepancy has emerged. On Nasıl Bir Ekonomi TV, Nuri Sevgen also said that stock markets are expected to rise in 2026. If the stock market rises, I think ALTINS1 will retreat.”
When asked again about ALTINS1, he reiterated this view.
Why is the gold certificate falling?
Since the start of 2026, Borsa Istanbul has gained around 10%, reaching new record levels. Yıldırımtürk noted that such rallies typically last until mid February each year. He added that a correction could follow the release of the year’s first Inflation Report, and until then, equity investors are likely to continue exiting ALTINS1, where they had temporarily parked their funds.
Is the gold certificate worth buying?
Yıldırımtürk said that “ALTINS1 would be worth buying if its price aligns with the market.” However, he pointed out that the price gap between ALTINS1 and the underlying market has widened to nearly 80%, creating an exaggerated valuation. In such conditions, he noted, buyers disappear from the order book, leading to sharp price movements.
