{"id":35292,"date":"2026-02-15T14:24:08","date_gmt":"2026-02-15T14:24:08","guid":{"rendered":"https:\/\/bihavadis.com\/?p=35292"},"modified":"2026-02-15T14:24:08","modified_gmt":"2026-02-15T14:24:08","slug":"ekrandaki-altinla-kuyumcudaki-altin-neden-farkli-iste-fiyat-makasinin-perde-arkasi","status":"publish","type":"post","link":"https:\/\/bihavadis.com\/index.php\/2026\/02\/15\/ekrandaki-altinla-kuyumcudaki-altin-neden-farkli-iste-fiyat-makasinin-perde-arkasi\/","title":{"rendered":"Ekrandaki alt\u0131nla kuyumcudaki alt\u0131n neden farkl\u0131? \u0130\u015fte fiyat makas\u0131n\u0131n perde arkas\u0131"},"content":{"rendered":"

Alt\u0131n fiyatlar\u0131n\u0131 takip etti\u011fimiz dijital panellerdeki rakamlarla, kuyumcuya gidip fiziki alt\u0131n almak istedi\u011fimizde kar\u015f\u0131la\u015ft\u0131\u011f\u0131m\u0131z fiyatlar \u00e7o\u011fu zaman birbirini tutmuyor.<\/p>\n

Aradaki fark bazen y\u00fczlerce, hatta binlerce liral\u0131k seviyelere ula\u015fabiliyor.<\/p>\n

Finans M\u00fchendisi ve Alt\u0131n-Para Piyasalar\u0131 Uzman\u0131 Canda\u015f Atalay, alt\u0131n fiyatlar\u0131ndaki bu fark\u0131n kayna\u011f\u0131n\u0131 sordu\u011fumuzda Ensonhaber\u2019e yat\u0131r\u0131m tavsiyesi niteli\u011fi ta\u015f\u0131mayan a\u00e7\u0131klamalarda bulundu.<\/p>\n

Atalay, ge\u00e7mi\u015f veriler \u00fczerinden yap\u0131lan teorik analiz ve sim\u00fclasyonlara dayanarak dikkat \u00e7eken de\u011ferlendirmeler yapt\u0131.<\/p>\n

“EKRANDA G\u00d6RD\u00dc\u011e\u00dcM\u00dcZ ALTIN F\u0130YATI B\u0130R REFERANS”<\/strong><\/p>\n

Atalay\u2019a g\u00f6re ilk olarak \u015fu ayr\u0131m\u0131 yapmak gerekiyor:<\/p>\n

Televizyonda, internette ya da mobil uygulamalarda g\u00f6rd\u00fc\u011f\u00fcm\u00fcz alt\u0131n fiyat\u0131 Londra\u2019da olu\u015fan referans alt\u0131n fiyat\u0131d\u0131r. Bu fiyat uluslararas\u0131 piyasalarda kabul g\u00f6ren teorik bir \u00f6l\u00e7\u00fcd\u00fcr. Ancak bu fiyat, kuyumcuya gitti\u011finizde elinizle sat\u0131n alaca\u011f\u0131n\u0131z alt\u0131n\u0131 de\u011fil, bir referans\u0131 ifade eder.<\/p>\n

\u201cAYNI ALTININ \u0130K\u0130 FARKLI F\u0130YATI DE\u011e\u0130L, \u0130K\u0130 FARKLI P\u0130YASASI VAR\u201d<\/strong><\/p>\n

Kuyumcuda g\u00f6r\u00fclen fiyat\u0131n ise sat\u0131n almaya haz\u0131r fiziki alt\u0131n\u0131n fiyat\u0131 oldu\u011funu vurgulayan Atalay, \u201cBurada ayn\u0131 alt\u0131n\u0131n iki farkl\u0131 fiyat\u0131ndan de\u011fil, iki farkl\u0131 piyasan\u0131n fiyat\u0131ndan s\u00f6z ediyoruz.\u201d <\/b>dedi.<\/p>\n

<\/p>\n

FARKIN TEMEL NEDEN\u0130: YURT \u0130\u00c7\u0130 TALEP<\/strong><\/p>\n

Ekran fiyat\u0131 ile fiziki alt\u0131n fiyat\u0131 aras\u0131ndaki fark\u0131n en \u00f6nemli belirleyicisinin yurt i\u00e7i talep oldu\u011funu belirten Atalay, \u015fu de\u011ferlendirmeyi yapt\u0131:<\/p>\n

T\u00fcrkiye\u2019de yurt i\u00e7i talebin \u00e7ok artt\u0131\u011f\u0131 ve fiziki alt\u0131n miktar\u0131n\u0131n k\u0131s\u0131tl\u0131 oldu\u011fu d\u00f6nemlerde ekran fiyat\u0131 ile fiziki alt\u0131n fiyat\u0131 aras\u0131ndaki fark artar. Buna kar\u015f\u0131l\u0131k talebin darald\u0131\u011f\u0131, nakdin daha \u00f6nemli h\u00e2le geldi\u011fi d\u00f6nemlerde bu fark azal\u0131r, hatta zaman zaman eksiye bile d\u00f6nebilir.<\/p>\n

Atalay\u2019a g\u00f6re bu makas, piyasan\u0131n nabz\u0131n\u0131 tutan do\u011fal bir g\u00f6sterge niteli\u011finde.<\/p>\n

TESL\u0130M YER\u0130 DETAYI: LOCO LONDON \u2013 LOCO \u0130STANBUL<\/strong><\/p>\n

Fiyat fark\u0131nda genellikle g\u00f6zden ka\u00e7an en kritik ba\u015fl\u0131\u011f\u0131n \u201cteslim yeri\u201d oldu\u011funu s\u00f6yleyen Atalay, s\u00fcreci \u015f\u00f6yle anlatt\u0131:<\/p>\n

T\u00fcrkiye\u2019de alt\u0131n ithal eden bir banka ya da rafineri, yurt d\u0131\u015f\u0131ndaki sat\u0131c\u0131yla i\u015flem yaparken ilk soru \u015fudur: \u2018Alt\u0131n nerede teslim edilecek?\u2019 E\u011fer teslim yeri Londra ise buna ‘Loco London’ denir. Bu durumda \u00e7o\u011fu zaman fiziki bir hareket bile olmaz. Alt\u0131n bir kasadan \u00e7\u0131k\u0131p ba\u015fka bir kasaya gitmez; sadece hesap de\u011fi\u015ftirir ve i\u015flem ekranda g\u00f6rd\u00fc\u011f\u00fcm\u00fcz fiyattan ger\u00e7ekle\u015fir.<\/p>\n

<\/p>\n

“ALTIN T\u00dcRK\u0130YE GEL\u0130NCE \u00dcZER\u0130NE MAL\u0130YET EKLEN\u0130YOR”<\/strong><\/p>\n

Ancak teslim yerinin \u0130stanbul olmas\u0131 durumunda tablo de\u011fi\u015fiyor:<\/p>\n

Alt\u0131n fiziki olarak T\u00fcrkiye\u2019ye geldi\u011fi andan itibaren ekrandaki ham fiyat\u0131n \u00fczerine bir\u00e7ok kalem eklenir.<\/p>\n

HAM F\u0130YATIN \u00dcZER\u0130NE EKLENEN KALEMLER<\/strong><\/p>\n

Atalay\u2019a g\u00f6re \u0130stanbul teslimli fiziki alt\u0131n\u0131n fiyat\u0131na \u015fu unsurlar ekleniyor:<\/p>\n

-Yurt i\u00e7i talebe ba\u011fl\u0131 sat\u0131c\u0131 primi<\/p>\n

-Sigorta ve ta\u015f\u0131ma maliyetleri<\/p>\n

-G\u00fcmr\u00fck giderleri<\/p>\n

-Ayar evi maliyetleri<\/p>\n

-Rafinerinin eritme, paketleme ve i\u015f\u00e7ilik giderleri<\/p>\n

-Ambalaj maliyetleri<\/p>\n

-Toptanc\u0131 k\u00e2r\u0131<\/p>\n

-Kuyumcunun lokasyona g\u00f6re de\u011fi\u015fen sigorta ve lojistik giderleri<\/p>\n

-Kuyumcunun son t\u00fcketiciye sat\u0131\u015f k\u00e2r\u0131<\/p>\n

<\/p>\n

“TALEP ARTINCA, MAL\u0130YET ARTIYOR”<\/strong><\/p>\n

\u201cYani ekranda g\u00f6rd\u00fc\u011f\u00fcm\u00fcz fiyat, son t\u00fcketiciye ula\u015fana kadar uzun bir yolculuktan ge\u00e7er.\u201d<\/em><\/b> diyen Atalay, \u00f6zellikle talebin \u00e7ok artt\u0131\u011f\u0131 d\u00f6nemlerde bu maliyet ve primlerin daha da y\u00fckseldi\u011fini vurgulad\u0131.<\/p>\n

<\/p>\n

BANKADAK\u0130 ALTIN NEDEN DAHA FARKLI?<\/strong><\/p>\n

\u201cBankadaki alt\u0131n neden daha pahal\u0131 ya da makas neden bu kadar geni\u015f?\u201d<\/em><\/b> sorusuna da yan\u0131t veren Atalay, bankalardaki alt\u0131n\u0131n \u00e7o\u011fu zaman fiziki de\u011fil, kaydi alt\u0131n oldu\u011funa dikkat \u00e7ekti:<\/p>\n

Bankadan ald\u0131\u011f\u0131n\u0131z alt\u0131n \u00e7o\u011fu zaman fiziki olarak elinizde de\u011fildir; bir alacak hakk\u0131n\u0131 temsil eder. Bu nedenle bankadaki alt\u0131n ile kuyumcudaki fiziki alt\u0131n ayn\u0131 \u00fcr\u00fcn de\u011fildir.<\/p>\n

Bankalar\u0131n kambiyo vergisi, mevzuata uyum maliyetleri, saklama giderleri, operasyonel s\u00fcre\u00e7ler ve zorunlu kar\u015f\u0131l\u0131k y\u00fck\u00fcml\u00fcl\u00fckleriyle kar\u015f\u0131 kar\u015f\u0131ya oldu\u011funu belirten Atalay, \u015fu ifadeyi kulland\u0131:<\/p>\n

Y\u00fcksek makas her zaman \u2018pahal\u0131 satma iste\u011fi\u2019 de\u011fildir; \u00e7o\u011fu zaman satmak istememenin ya da likiditeyi koruma iste\u011finin bir yans\u0131mas\u0131d\u0131r.<\/p>\n

<\/p>\n

GE\u00c7T\u0130\u011e\u0130M\u0130Z YIL FARK HANG\u0130 ARALIKTA HAREKET ETT\u0130?<\/strong><\/p>\n

Ge\u00e7ti\u011fimiz y\u0131la ili\u015fkin verileri de payla\u015fan Atalay, T\u00fcrkiye\u2019de alt\u0131n fiyat fark\u0131n\u0131n kilogram ba\u015f\u0131na a\u011f\u0131rl\u0131kl\u0131 olarak 1.000 ila 4 bin dolar aras\u0131nda yurt d\u0131\u015f\u0131na g\u00f6re pahal\u0131 seyretti\u011fini s\u00f6yledi.<\/p>\n

D\u00f6nem d\u00f6nem fark\u0131n 1.000 dolar\u0131n alt\u0131na d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc, hatta k\u0131sa s\u00fcreli olarak s\u0131f\u0131rland\u0131\u011f\u0131 ve eksiye d\u00f6nd\u00fc\u011f\u00fc g\u00fcnlerin ya\u015fand\u0131\u011f\u0131n\u0131 belirten Atalay, \u00fcst bantta ise dikkat \u00e7eken bir tabloya i\u015faret etti:<\/p>\n

Yurt i\u00e7i talebin \u00e7ok artt\u0131\u011f\u0131 ve fiziki alt\u0131n\u0131n yetersiz kald\u0131\u011f\u0131 d\u00f6nemlerde fark\u0131n kilogram ba\u015f\u0131na 12 bin dolar\u0131n \u00fczerine \u00e7\u0131kt\u0131\u011f\u0131 g\u00f6r\u00fclmektedir. Yani fark ne sabittir ne de rastgeledir; belirli bir davran\u0131\u015f aral\u0131\u011f\u0131 i\u00e7inde hareket eder.<\/p>\n

F\u0130YATTAN BA\u011eIMSIZ, SADECE FARKA DAYALI B\u0130R STRATEJ\u0130 M\u00dcMK\u00dcN M\u00dc?<\/strong><\/p>\n

Ge\u00e7mi\u015f veriler \u00fczerinden yap\u0131lan teorik analizlere de\u011finen Atalay, kilogram ba\u015f\u0131na fiyat fark\u0131n\u0131n 2 bin dolar\u0131n alt\u0131na d\u00fc\u015ft\u00fc\u011f\u00fc d\u00f6nemler ile 4 bin dolar\u0131n \u00fczerine \u00e7\u0131kt\u0131\u011f\u0131 d\u00f6nemlerde belirgin bir davran\u0131\u015f farkl\u0131l\u0131\u011f\u0131 olu\u015ftu\u011funu ifade ederek,\u201cBu aral\u0131k tamamen teorik bir sim\u00fclasyon olarak ele al\u0131nd\u0131\u011f\u0131nda, ge\u00e7ti\u011fimiz y\u0131l\u0131n tamam\u0131nda yaln\u0131zca fiyat fark\u0131 \u00fczerinden hesaplanan k\u00fcm\u00fclatif de\u011fi\u015fimin dikkat \u00e7ekici seviyelere ula\u015ft\u0131\u011f\u0131 g\u00f6r\u00fclmektedir.\u201d <\/em><\/b>dedi.<\/p>\n

ALTIN F\u0130YAT FARKI NORMAL\u0130N NERES\u0130NDE?<\/strong><\/p>\n

Ancak her d\u00f6nemin makro dinamiklerinin farkl\u0131 oldu\u011funa dikkat \u00e7eken Atalay, disiplinli yakla\u015f\u0131m\u0131n \u00f6nemine vurgu yapt\u0131:<\/p>\n

Belirleyici olan tek soru \u015fudur: Alt\u0131n fiyat fark\u0131 normalin neresinde?<\/p>\n","protected":false},"excerpt":{"rendered":"

Dijital panellerde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz alt\u0131n fiyat\u0131 ile kuyumcudan fiziki alt\u0131n al\u0131rken kar\u015f\u0131la\u015ft\u0131\u011f\u0131m\u0131z rakamlar aras\u0131nda zaman zaman ciddi fark olu\u015fuyor. Finans M\u00fchendisi Canda\u015f Atalay, bu fark\u0131n nedenlerini ve fiyat makas\u0131n\u0131n nas\u0131l olu\u015ftu\u011funu Ensonhaber\u2019e anlatt\u0131.<\/p>\n","protected":false},"author":1,"featured_media":35293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[387,3689,2229,412,5146],"class_list":["post-35292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi","tag-altin","tag-atalay","tag-fark","tag-fiyat","tag-fiziki-altin"],"_links":{"self":[{"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/posts\/35292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/comments?post=35292"}],"version-history":[{"count":1,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/posts\/35292\/revisions"}],"predecessor-version":[{"id":35299,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/posts\/35292\/revisions\/35299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/media\/35293"}],"wp:attachment":[{"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/media?parent=35292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/categories?post=35292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bihavadis.com\/index.php\/wp-json\/wp\/v2\/tags?post=35292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}