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Gold Deposits Of USD 1 Billion To Be Collected By Turkish Bank

Submitted by Tyler Durden on 06/12/2012 09:00 -0400

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Turkiye Is Bankas? AS, Turkey’s biggest bank by assets, plans to collect $1 billion of gold in its deposit accounts by the end of the year, citing deputy chief executive officer Erdal Aral.
As much as 5,000 metric tons of gold is stored “under the mattress” in Turkey, Aral said, according to the Istanbul-based newspaper. Gold deposit accounts have surged to 13.6 billion liras ($7.4 billion) from 3.1 billion liras within the past year, according to data released by the banking regulator, Aral was quoted as saying.
Gold has always been seen as money and as a store of wealth in Turkey and now the country is leading the way with regards to the remonetisation of gold in the 21st Century.


Turkey remained the world's number one minter of gold coins in 2011. There is an increasing tendency for gold bars to be retail investors' vehicle of choice – although gold coins still retain a majority market share.
Turkish people can pay in gold in certain foreign exchange houses and most jewellers will accept gold as payment. Turkish banks are is now offering digital gold saving accounts.
Turkey expanded its gold reserves by 29.7 metric tons in April. Turkey’s bullion reserves climbed to 239.3 tons last month meaning that Turkey increased their gold reserves by 14% in April.
The central bank on March 27 doubled the share of lira reserves banks can hold in gold to 20%, saying it would provide 6.1 billion liras ($3.3 billion) of extra liquidity.
"This addition," the WGC says, "was the result of a policy change under which the central bank will now accept gold in reserve requirements from commercial banks to help the banks utilize their gold in managing their liquidity."
Some analysts have suggested that the increase in Turkish gold reserves, as reported by the IMF, may actually be a form of “double accounting”. Whereby the gold held in Turkish banks client’s gold account is transferred from the local bank as a reserve to the central bank, from where it then figures as gold reserves.
Besides massive domestic holdings and robust demand in Turkey, the country is also importing and then exporting huge quantities of gold into Iran and ‘Arab spring’ countries with some $1.2 billion of precious metals exported into Iran in April alone.

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Sinclair sees U.S., gold banks battling central banks that need more gold and less paper

Dear Friend of GATA and Gold:
In his latest commentary Jim Sinclair discusses the struggle between, on one hand, the U.S. Exchange Stabilization Fund and its associated bullion banks and, on the other, central banks around the world that are realizing that they've got too much paper money and not enough gold. "The secret that the manipulators must keep quiet is that the physical market for gold is very thin on the sell side," Sinclair writes. "Whatever is offered, be it 500 tons or more in manipulation from paper, has been and will continue to be taken." Sinclair's commentary is headlined "Stay the Course as Gold Continues Its Progressive March" and it's posted at JSMineSet here:
http://www.jsmineset.com/2012/06/11/sta ... ive-march/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.