Turkey Gets Serious About Gold

Turkey Announces a Series of Gold Initiatives.

President Tayyip Erdogan call on citizens to buy gold.

Turkish gold imports soar.

Turkey to increase gold mining production.

Turkey introduces gold monetization scheme.

Turkey to boost gold reserves.

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Turkey and Gold


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Gold vs the Turkish Lira

Gold vs turkish lira April 4 2017

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Turkish Gold Mining

From the Turkish Gold Mining Association: Turkey is Europe’s largest gold producer. Turkey produced about 200 tonnes of gold from 2001-2014 from seven mines in the country. Turkey aims to hit 50 tons a year in gold prodution. Turkey has 800 Tonnes and predicted resources of 5,700 Tonnes (TGMA 2014). Turkey’s gold mining sector has grown consistently over the past 10 years and now leads production in Europe.

Turkish gold mining production 2005 - 2014

Sources: Turkish Gold Mining Association and USGS. Reuters cites that Turkish gold mining production in 2015 was 27.5 tons.

Turkish Gold Imports

Turkish gold imports are soaring as Erdogan has “called on Turks to sell dollars and buy lira or gold to prop up the local currency.”

Turkey gold imports April 2017

Turkey imported 28.2 tons or approximately 265,000 ounces of gold in March.

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Turkish Gold Reserves

According to Reuters, the IMF has recommended that Turkey increase its foreign reserves.

Gold Reserves by country top 11-20 april 4 2017

Depsite selling over 60 tons of gold (13%) over the past year, Turkey remains in the top twenty gold holding nations.

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Turkish U.S. Treasury Reserves*

Turkish holdings of US Treasuries January 2015 - January 2017

Turkish Gold Plans

Turkish Gold Monetization Scheme

Turkey to offer sovereign gold bonds and gold lease certificates

Turkish central bank to get first option on buying domestically mined gold

Turkish central bank to get right of first refusal on Turkish gold production

Islamic World Gold Plans

Why Islamic Finance Is Set to Transform the International Gold Market

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*The U.S. Treasury notes that the data in its chart of Major Foreign Holders of U.S. Treasury Securites that the data is “collected primarily from U.S.-based custodians and broker-dealers. Since U.S. securities held in overseas custody accounts may not be attributed to the actual owners, the data may not provide a precise accounting of individual country ownership of Treasury securities.

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