{"id":34387,"date":"2018-05-20T13:14:32","date_gmt":"2018-05-20T18:14:32","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34387"},"modified":"2018-05-20T13:14:32","modified_gmt":"2018-05-20T18:14:32","slug":"turkey-repatriates-all-gold-from-the-us-in-attempt-to-ditch-the-dollar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34387","title":{"rendered":"Turkey Repatriates All Gold From The US In Attempt To Ditch The Dollar"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><span class=\"field field--name-title field--type-string field--label-hidden\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-05-20\/turkey-repatriates-all-gold-us-attempt-ditch-dollar\">Turkey Repatriates All Gold From The US In Attempt To Ditch The Dollar<\/a><\/span><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1136\" data-gtm-vis-first-on-screen-2077925_22=\"1136\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<footer class=\"node__meta\">\n<div class=\"a2a_kit a2a_kit_size_32 a2a_default_style\" data-a2a-icon-color=\"#222\">\n<div>After <a href=\"https:\/\/www.zerohedge.com\/news\/venezuela-completes-repatriation-160-tons-gold\">Venezuela<\/a>, <a href=\"https:\/\/www.zerohedge.com\/news\/2017-08-23\/german-central-bank-completes-gold-repatriation-new-york-paris-three-years-ahead-sch\">Germany<\/a>, <a href=\"https:\/\/www.zerohedge.com\/news\/2015-05-28\/its-official-austria-repatriates-gold-confirms-loss-faith-bank-england\">Austria<\/a> and the <a href=\"https:\/\/www.zerohedge.com\/news\/2014-11-21\/gold-repatriation-stunner-dutch-central-bank-secretly-withdrew-122-tons-gold-new-yor\">Netherlands<\/a> prudently repatriated a substantial portion (if not all) of their physical gold held at the NY Fed or other western central banks in recent years, one month ago <strong>Turkey announced that it too has decided to repatriate its gold stored in the US Federal Reserve and deliver it to the Istanbul Stock Exchange, <\/strong>according to reports in <a href=\"https:\/\/www.yenisafak.com\/ekonomi\/220-ton-altin-turkiyeye-geldi-3245946\">Turkey&#8217;s Yeni Safak<\/a>. As we reported at the time, it wouldn&#8217;t be the first time Turkey has asked the NY Fed to ship the country&#8217;s gold back: in recent years, Turkey repatriated 220 tons of gold from abroad, of which 28.7 tons was brought back from the US last year.<\/div>\n<\/div>\n<\/footer>\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>And now, according to a report by the Swiss <em><a href=\"https:\/\/www.schweizamwochenende.ch\/\">Schweiz am Wochenende<\/a><\/em>, the repatriation is complete with <strong>the Turkish central bank withdrawing all of its gold reserves from the U.S. due to the &#8220;tense political situation<\/strong>.&#8221; However, in a strange twist, instead of moving the physical gold to Istanbul as the Turkish press reported in April, the Swiss newspaper notes that <strong>around 19 tons of Turkish gold is now stored at the Basel-based Bank for International Settlements<\/strong>.<\/p>\n<p>It was not immediately clear why Turkey would shift its gold from the NY Fed to the BIS, whose historical &#8220;gold rehypothecation&#8221; tendencies have been <a href=\"https:\/\/www.zerohedge.com\/news\/2013-05-29\/bank-international-settlements-warns-about-dangers-rehypothecation\">well documented <\/a>over the years.<\/p>\n<p>According to the <a href=\"https:\/\/www.gold.org\/download\/file\/4723\/world_official_gold_holdings_as_of_may2018_ifs.xlsx\">latest IMF data<\/a>, Turkey\u2019s total gold reserves are estimated at 596 tons in May, <a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/turkey%20gold%20holdings.jpg?itok=pRzwNxBr\">up 5 tons since April<\/a>, and worth just under $23 billion, <strong>rising 40% over the past year<\/strong>. This makes Ankara the 11th largest gold holder, behind the Netherlands and ahead of India.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/imf%20gold%20may%202018.jpg?itok=a_jPCYK2\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/imf%20gold%20may%202018.jpg?itok=a_jPCYK2\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/imf%20gold%20may%202018.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/imf%20gold%20may%202018.jpg?itok=a_jPCYK2 1x\" alt=\"\" width=\"500\" height=\"484\" data-entity-type=\"file\" data-entity-uuid=\"d4b6d3ad-cd4a-4112-99b3-f709c93ddf8b\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Turkey Repatriates All Gold From The US In Attempt To Ditch The Dollar After Venezuela, Germany, Austria and the Netherlands prudently repatriated a substantial portion (if not all) of their physical gold held at the NY Fed or other western central banks in recent years, one month ago Turkey announced that it too has decided [&hellip;]<\/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":[374,1865,418,431,818,827,839,4318],"class_list":["post-34387","post","type-post","status-publish","format-standard","hentry","category-economics","tag-gold","tag-gold-reserves","tag-imf","tag-interest-rates","tag-turkey","tag-united-states","tag-us-dollar","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34387","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=34387"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34387\/revisions"}],"predecessor-version":[{"id":34388,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34387\/revisions\/34388"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}