{"id":34302,"date":"2018-05-16T07:08:19","date_gmt":"2018-05-16T12:08:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34302"},"modified":"2018-05-16T07:08:19","modified_gmt":"2018-05-16T12:08:19","slug":"turkish-gold-imports-triple-as-the-central-bank-diversifies-out-of-dollars","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34302","title":{"rendered":"Turkish Gold Imports Triple As The Central Bank Diversifies Out Of Dollars"},"content":{"rendered":"
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Turkish Gold Imports Triple As The Central Bank Diversifies Out Of Dollars<\/a><\/h3>\n

Turkish gold imports surged due to a sharp increase in investment demand as well as\u00a0renewed Central bank purchases.\u00a0 While the Chinese and Russian governments have been adding gold to their official reserves over the past several years, Turkey added 86 metric tons to its official holdings in the last seven months of 2017.<\/span><\/p>\n<\/header>\n

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According to the 2018 World Gold Survey, Turkish official gold holdings reached a new record high of 565 metric tons (mt) last year as the government decided to replace a significant amount of its Dollar reserves with gold.<\/strong>\u00a0 And, this continued even in the first quarter of 2018.\u00a0 Information from the World Gold Council\u2019s Demand Trend reported that Turkey added another 30 mt of gold to its official reserves in Q1 2018.<\/p>\n

If we look at the chart below, we can see just how much gold Turkey imported in 2017 versus 2016:<\/p>\n

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Turkish gold imports more than tripled from 106 mt in 2016 to 361 mt in 2017.\u00a0 Again, the large increase in Turkish gold imports was due to a 60% increase in investment demand and the 86 mt purchase by the Central bank.\u00a0 With the addition of the 30 mt of Central bank gold purchases in Q1 2018, official Turkish holdings are now nearly 600 mt.\u00a0\u00a0<\/strong><\/p>\n

Of the total 366 mt of Central bank gold purchases in 2017, Russia (224 mt) accounted for 61% of the amount while Turkey (86 mt) acquired 23% and Kazakhstan (43 mt) at 12%.\u00a0 The remaining 4% was split amongst Columbia, Mongolia, Indonesia, Jordan, and Thailand (Source: GFMS 2108 World Gold Survey):<\/p>\n

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What is quite interesting about the increase in Turkish gold demand and imports is how it compares to the United States.\u00a0 In 2017, Turkey imported 361 mt of gold versus 255 mt for the United States.\u00a0 Thus, Turkey, whose population is one-quarter of the United States, imported 100+ mt more gold.\u00a0 Of course, most of the U.S. gold imports are refined and then exported to Switzerland, United Kingdom, China and various other Asian and Middle Eastern countries.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Turkish Gold Imports Triple As The Central Bank Diversifies Out Of Dollars Turkish gold imports surged due to a sharp increase in investment demand as well as\u00a0renewed Central bank purchases.\u00a0 While the Chinese and Russian governments have been adding gold to their official reserves over the past several years, Turkey added 86 metric tons to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[122,130,374,1971,694,12073,818,839],"class_list":["post-34302","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-bank","tag-china","tag-gold","tag-gold-imports","tag-russia","tag-srsrocco-report","tag-turkey","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34302"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34302\/revisions"}],"predecessor-version":[{"id":34303,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34302\/revisions\/34303"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}