Turkey Exports “Massive Quantities of Gold” to Iran and Arab Spring Nations
BY MARK O’BYRNE
Turkey Exports “Massive Quantities Of Gold” to Iran & Arab Spring Countries
Iranians and Arab Spring countries are buying “massive quantities of gold” in order to protect their wealth from political instability and depreciating currencies.
Iran boosted imports of gold, jewelry and precious metals from Turkey by 3,692% from $13 million in March a year ago to $480 million in March 2012, according to the statistics agency in Ankara April 30 – as reported by Bloomberg.
The gold market was the biggest contributor to a $4.3 billion improvement in Turkey’s trade balance this year. That has aided Turkey and sent Turkish yields on benchmark two year notes 155 basis points lower this year. This is the biggest drop among major developing nations.