Banro Corp. fka BAA

[andrewflying]

FYI

Nov gold imports jump to 47 tons on lower prices

http://www.todayszaman.com/business_nov-gold-imports-jump-to-47-tons-on-lower-prices_366217.html


Turkey's gold imports surged in November to 46.9 tons, a massive jump from October when the country imported 6.6 tons of gold bullion, data from Borsa Istanbul (BIST) showed on Friday.

The country's gold imports were at 19.3 tons in November 2013. Earlier data from the Istanbul Gold Exchange showed that Turkey's gold imports fell by 71 percent year on year to 72.2 tons in the first 10 months of this year. Bullion imports to Turkey fell to 6.6 tons in October from 12.6 tons in September. Turkey is the world's third-largest consumer of gold and the precious metal imports into the country are expected to pick up in the coming months on the back of a slump in prices after sharp falls during much of the year.

Turkey's gold trade hit record highs in 2012 and 2013 on booming business with Iran. Ankara was paying for Iranian oil and gas in Turkish lira, which Iranians were then using to buy gold, helping Tehran to circumvent Western sanctions. But Turkey's gold trade has since dwindled, partly after Washington tightened sanctions to stop gold bought in Turkey from providing a financial lifeline to Iran. Turkey itself produces only a small amount of gold, but not enough to meet demand, meaning that it must import the precious metal to be able to sell on to buyers such as Iran. In Turkey, gold is also a traditional gift and seen as a safe-haven investment in the form of coins or jewelry. Many consumers buy when prices are low and sell their gold and jewelry when prices rise.