Gold is Being Remonetised and Becoming Money Again in Turkey, Gold Imports In 2013 May Surpass Record Over 269.5 Metric Tonnes

Gold business in Istanbul reflects as Turkey's Gold Imports In 2013 May Surpass Record Over 269.5 Metric Tonnes, according to Istanbul Gold Exchange Today's AM fix was USD 1,311.25, EUR 971.30 and GBP 817.08 per ounce.

Yesterday's AM fix was USD 1,314.25, EUR 972.94 and GBP 823.47 per ounce.

Gold inched down $0.60 or 0.05% yesterday, closing at $1,314.20/oz. Silver slid $0.22 or 1.01% closing at $21.62. Platinum climbed $6.55 or 0.5% t $1,450.25/oz, while palladium rose $7.46 or 1% to $745.25/oz

Gold has had five consecutive days of weakness as a stronger greenback has led to traders selling gold on the COMEX. Even though the U.S. Fed maintained their ultra loose monetary policies last week, maintaining $85 billion a month in bond purchases, gold has lost its shine with momentum driven and computer driven traders and hedge funds.

The sharp rise in the gold mining shares yesterday, the XAU was up 2.5% and the HUI was up 2.9%,  was encouraging for gold. Declines are likely to be limited as lower prices is leading to physical buying globally. While much of the focus continues to be on ETF selling and

Indian and more recently Chinese demand, some market participants fail to realise the extent of global demand which remains broad based. This is seen in the recent gold data out of Dubai and Turkey.

Turkey's gold imports jumped more than threefold in October to 15.98 metric tons, from 4.8 tons in September, according to the Istanbul Gold Exchange's website. That's the highest since July, the data shows.

Turkey has already imported 251.4 metric tonnes in 2013, year to date, meaning that it will come very close to or surpass the record import year in 2005 when 269.5 metric tonnes of gold were imported (see table below). Year to date imports are more than double the amount of gold imports in 2012 and more than triple those in 2011.

Turkey's gold sales to neighboring Iran declined to $1.5 billion so far this year from a record $6.5 billion for all of last year. This may indicate a fall in demand from Iran or that Iran is now importing gold from other countries such as Dubai in the UAE.

According to Istanbul Gold Exchange, Gold is being remonetised and becoming money again in Turkey. Unlike India which has embarked on a campaign of repression against gold, the Turks are being far more enlightened. They are allowing the considerable and growing gold holdings of the population to be remonetised in order stimulate demand and grow the economy. 

Source:
Goldcore via zerohedge