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Turkey’s Silver Imports Surge 31% And Gold Imports Climb To 8 Month High
From GoldCore
Turkey’s Silver Imports Surge 31% and Gold Imports Climb to 8 Month High
Today's AM fix was USD 1,568.50, EUR 1,222.81 and GBP 1,038.40 per ounce.
Tuesday's AM fix was USD 1,597.75, EUR 1,244.64 and GBP 1,051.64 per ounce.
Gold fell $23 or 1.45% yesterday while silver fell 76 cents or 2.7%.
Cross Currencies Table – Bloomberg
Gold has fallen to $1,570/oz as irrational exuberance continues in international markets with investors piling into equities as the U.S. stock market ‘crack up boom’ continues ... for now.
Risk appetite remains recklessly high with the Dow Jones Industrial average up another 90 points yesterday to 14,662 and now targeting 15,000. This risk appetite is continuing to pressurise gold.
Gold's lower quarterly close may also be leading to momentum players continuing to sell further pressurising gold. Gold's fundamentals remain sound though and smart money will continue to buy on the dip.
Geopolitical risks in North Korea, between Japan and China and in the Middle East remain remain heightened and could intensify which could be the catalyst for gold bouncing from oversold levels.
Platinum in USD (5 Years) - Bloomberg
There are also still very significant sovereign risks with Slovenia and Luxembourg in the EU now under the spotlight and the risk of a major default in Argentina now looming.
Physical gold and silver demand remains robust in many markets internationally. Demand from the Middle East remains robust as seen in the near record imports of gold and silver into Turkey.
Palladium in USD (15 Years) – Bloomberg
Turkey’s gold imports climbed to an eight-month high in March as prices averaged the lowest since May, according to the Istanbul Gold Exchange. Silver imports rose 31% from a month earlier according to Bloomberg.
Gold imports increased to 18.26 metric tons, the most since July. That’s up from 17.34 tons in February and compared with 2.91 tons a year earlier, data on the exchange’s website show. The country shipped in 120.8 tons last year.
Turkey was the fourth-biggest gold consumer in 2012, according to the London-based World Gold Council. Bullion averaged $1,593.62 an ounce last month and is trading about 17% below the record nominal high of $1,921.15 set in September 2011.
Silver in USD (3 Years) – Bloomberg
Silver imports advanced to 6.19 tons in March, the most since January, according to the bourse. The nation imported 142.2 tons last year. Silver averaged $28.8157 in March, the lowest since July and remains well below the record nominal high of nearly $50/oz seen in April2011.
Gold and silver’s inflation adjusted record highs from 1980 of $2,400/oz and $140/oz have been our long term price targets since 2003 and remain so.
Platinum was down 1.4% to $1,568.50%, while palladium fell 1.6% to $766.75/oz but with large deficits expected for both PGM metals this year, weakness is likely to be fleeting.
For breaking news and commentary on financial markets and gold, follow us on Twitter.
NEWS
Gold Settles Below $1,600 - Wall Street Journal
Gold off 4-week low, firm equities likely to weigh - Reuters
Fed’s Kocherlakota repeats call for more policy easing - Reuters
ECB’s Coeure warns against consequences of currency war - Reuters
COMMENTARY
Jim Rogers: IMF Said "Loot the Bank Accounts" - YouTube
State-Wrecked: The Corruption of Capitalism in America - The New York Times
The Four Traits Of Monetary Union Collapse - Zero Hedge
Fed Shorting Gold to Support the Dollar, Former Assistant Treasury Secretary Roberts Says - Proactive Investors
»
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Turkey wants to be an international finance center. Precious metals exchanging is a HUGE part of that intiative, me thinks.
Gobble Gobble!
Explains the price decline. As supplies dry up the prices always go down....or something like that.
Sure we hear all this positive news for gold and silver, the list goes on.
While the fucking bankers hammer the paper price and think it’s no problem.
Yesterday Apr 2nd gold dropped $40 while the S&P financials gained enough to put the S&P and gold at a 1to1 TPTB are celebrating right now it took them 6 years to do this.
Just remember the S&P financials dropped to 666 in 08 and that’s the number of the beast!
Fucking banks!
Put your chump change into BTC. Always nice to wake up to 40% gains from the evening to dawn.
I watched silver drop yesterday and picked up another 20 Canadian maple leafs.
Picking up a 100 OZ brick today
Imports are physical... they cant sell the paper that sets the price so the price goes down?
If so thats hilarious.
Infinitelly rehypotecated sovereign gold and hyper-leveraged paper gold have a near infinite supply.
gold is important in Turkey since... King Midas. Old Worlders just love the shiny stuff, you see?
No place that lacks the rule of law or has a history of not respecting the rule of law will ever be an international finance centre, me replies. It doesn't matter how or with what you back the medium of exchange. At the end of the day, all what matters is obedience to the law and laws in favour of freedom and property. This is not to say that you have such stuff in NY or London. But you don't have it either in Turkey. Perhaps Singapore?
30% premiums on silver over here in Europe. Nough said...
well, no.. where do you buy it? Ok, we have VAT around 19-21% quite everywhere but only 7% (only till the end of 2013?) on coins in Germany:
http://www.nuernberg-edelmetalle.de/Silbermuenzen/Silbermuenzen-1-Oz:::1...
On Phils & Maples it's "only" a 15% premium ...
A friend in Ucraine says the normal premium of 3-5% is now a 14-15% on silver...
Umicore seams to be unable to evade orders according to his bank seller there
Paper and physical markets are disconnecting......
It is going to be quite a spectacle to behold.
Why not use goldmoney or Bullionvault then and store them there? They're usually around 0.5-1% of spot.
FUCK THAT. WHAT PART OF IF YOU DONT HOLD IT YOU DON'T OWN IT DO YOU NOT UNDERSTAND?
why not? perhaps because rothschild is associated and invested in bullionvault. history show that these hofjuden never have the best interests of the plebs on their mind. invest in bullionvault at your peril
"Turkey was the fourth-biggest gold consumer" - consumer? I will probably never understand why those guys talk about gold consumption
If you buy it, lose it, you consumed it.
I consumed mine also...
mine is not really lost - I just can't find it, yet. ah, WTF, I'll have to buy more, then
It's all those gold tooth caps; they consume a lot of gold. It's only bound to get worse: I heard in India they're making gold clothing ...
They are buying on the cheap looks like....way below previous highs.
anybody read this?
http://www.bloomberg.com/news/2013-04-03/algorithms-play-matchmaker-to-fight-7-7-u-s-unemployment-jobs.html
computers deciding what job you should do...
12 year data collection...
used to be 2 years you could hold data under the privacy law....
when did this happen?
LOL an algorith that puts thousands of hr people out of a job.
Irony!
Those idiotic foreign people are buying a barbarous relic which is really worthless according to Bernanke and Western dealers are accepting for it dollars which are priceless! I mean, win win for the USA!
My personal gold and silver imports surged as well. If the bankers and the Gov are going to make it rain, I'll stand outside with a sponge.
As have mine. Just "backed up the truck" right before the ADP numbers came out (prices went up right after ordering). LOL.
hehe! Mine too!
4 week wait in holland for eagels, maples and phils. there is no malipulation, continue to stack bitcoins
My favorite seller in Germany says it's weeks he's awaiting for eagles ..
Not to talk about Italy! With a 21% (22% this summer!) VAT on Silver ... there's no big seller here!
get from germany, think it 6 or 7 % with a 2-4 week wait. But u can get bitcoins immediately, no waiting! Like instant CASH!
mmmm.. I'll stick with metals :D .. I can wait some week
Nothing to see here, move along.
"Keep stacking my friends"
Bitcoin nears 150. With so many people buying in for the first time at these high prices, I wonder how many would consider $100/BTC cheap.
http://bestbitcoinsites.wordpress.com
It is doing what silver should be doing right now. When silver escapes the squeeze, will be time to sell bitcoins and buy silver again.
Bitcoiners:
DotGov has been trying to get CASH out of consumer hands for years, to close the tax-loophole. Bitcoin represents a trackable way of doing that, similar to credit and debit settlement systems. In this respect, all Bitcoin is, is another "fight the system" fad that plays right into the hands of the system it claims to be fighting against.
You are not "being subversive". You are not "fighting the system". You are getting set up to be bagholders.
Bitcoin is intangible. It is electronic fiat paper and nothing more. It's not even worth as much as paper, which can be written on, drawn on, used as kindling, or folded into airplanes & origami animals to keep the kiddies amused. Hell, you can even wipe your ass with paper.
It's not even worth as much as shit. You can at least use shit to fertilize a garden. I can trade shit to the farmer down the road from me for fresh eggs.
Bitcoin is not Gold, and won't ever be. There may be a "Max Keiser acolyte" willing to pay you for your 'Satoshis', but that'll change.
A little science experiment for you Bitcoin boys and girls: Put on a Gold ring, and go into your local Kwikee-Mart and ask the Indian or Pakistani working behind the counter if you can pay for your energy drink, or pack of smokes in Bitcoin. Chances are pretty good that he or she will give you a WTF? look when you try to explain what a Bitcoin is. Then ask if you can trade him the ring your wearing instead. That same person will probably smile when you offer the ring.
With all due respect, sir, the new technology is shifting from the material form to the data digitalized format for nearly everything.
Music used to be conveyed into private hands by use of vinyl records, but today it is downloaded as a digital file for use in ipods, car steroe systems, etc.
Movies used to be conveyed on film, with 5-6 large metal cans used to protect the precious film in handling and stored in large vaults underground to try to reduces degredation from radiation like cosmic rays that still somehow get through. Today movies are downloaded over secure lines and projected from digital projectors.
In the near future, people will be able to use nanotech manufacturing to build or 3D print most of what they need and the big corporations are aware of this and are trying to patent everything that cant be nailed down.
I could go on but the point is clear, we are in a transitional era of the essence of a thing being more valuable than the thing itself. The design of a widget will be more valuable than the actual widget, and to some degree this has always been true, but today it is reaching into every aspect of modern life.
It is also happening to fiat currencies. The digitial form of de-centralized private currencies are the essence of currency and the algorythms that generate them are capped so that they dont go into a hyperinflationary binge.
In may ways it is the perfect form of fiat currency, and in many ways still vulnerable in concept to fraud and theft. The experts I have read assert that Bitcoin is actually more secure than a typical bank account.
But it is peace of mind that is most important. If this digitized currency concept does not give you peace of mind, then its obviously not for you.
Though you maybe right about its vulnerabilities and lack of physicality, on the other hand it also cannot be stolen by the government, shut down by taking posession of physical warehouses like Liberty Dollars or e-gold either.
Each to his own, but just because you dont feel comfortable with something and dont understand why others are does not mean that you are right and they are idiots. It is simply the manifestation of a different set of priorities than you have.
The only things that can be digitized are the etheral ones: the sounds for music, the images for film, the designs for 3D objects. Once digitized they can be reproduced an infinite number of times at no cost.
None of material things can be digitized. Not food, not building materials, not raw materials, not PMs, not even the plastic used by the 3D printers.
This is actually really bad for the economy of Western Nations, since they went more and more in the (counter-natura) direction of specializing in making the etheral, rather than the material.
Peak oil and low-cost overseas slave labor chose that direction for them.
The only things that can be digitized are the etheral ones: the sounds for music, the images for film, the designs for 3D objects. Once digitized they can be reproduced an infinite number of times at no cost.
None of material things can be digitized. Not food, not building materials, not raw materials, not PMs, not even the plastic used by the 3D printers.
But the costs of the materials to make the digitized designs into material objects is getting cheaper every day and far more ubiquitous. Soon (within 20 years) the material costs will be largely immaterial.
It is worth bearing in mind that Iran gets most of its gGold through Turkey, so this may well be Iran doing the buying.
You are correct.
Silver(as an investment, or hedge)is almost unknown here...except as a cheaper alternative to gold as jewelry. Though that trade has picked up in the last year, it in no way accounts for that amount of increase...
the question therefore is what Iran is doing with these large amounts of silver it is accumulating through Turkish middlemen. Solar panels? Cell Phones? Computers? Mirrors? not likely...
how bout bearings for jet engines? http://www.presstv.ir/detail/167253.html
Gold, on the other hand...well - http://www.iar.com.tr/Projects.aspx?Mode=AtmAltini&Lang=Eng that should tell you all you need to know! little known detail...Turkish mint is the only government mint in the world which still makes coinage on demand for private bullion orders.
But if fiat is your thing...this is just the place for you - http://www.turkishnews.com/en/content/2013/03/23/archaeologists-in-turke... -something for everybody!
Credit Suisse also believes in Gold manipulation price fix
http://www.marketwatch.com/story/credit-suisse-cuts-2013-2014-gold-price-outlook-2013-04-03-5485421
The US dollar is being tossed aside. The dollar collapse is going to turn everything upside down. Protect yourself and your family with precious metals.
so who is selling their gold and silver reserves?
low prices just give people more time to stock up.
Wish I could stock up. :(
Bitcon is Ponzi in a teapot !
Just a thought, wouldn't a Default=Failure To Deliver be the same no matter if its 1X Contracts, 10X, 50X, 500x, etc....it still "just" one Failure, so might as well go ALL-IN
Where is that Eigenvalue asshole today. He's missing another chance to post a two sentence blurb about how gold and silver will go to zero. I sure hope it does, cause I want to go out like king Tutankhamun.
He's buying more.
Apple has lost more in market cap than the combined value of all the physical Silver above gound and the market cap. of all the primary Silver miners.
So if a bank sells and buys its own paper gold/silver at 1m oz/sec crashing the price, has it lost or gained anything. Or does so with another bank in the cartel..buying and selling to each other in turn so nobody makes a loss.
...So if a bank sells and buys its own paper gold/silver at 1m oz/sec crashing the price, has it lost or gained anything...
...why did Bodhidharma go to the West?
...what is the sound of one hand clapping?
Merikan Buddha. Timeless Zen.
"This risk appetite is continuing to pressurise gold"
You mean people are storing gold in gaseous form nowadays!? Guess that should help with avoiding unfortunate boating accidents: gaseous gold would float.
Where is all of these reported PMs being exported from to fulfill these orders?
Is it the US, where all WEBUYGOLD stores are picking it up at pennies on the dollar because so many here are strugggling to make ends meet despite the rosy news reports?
I keep seeing country X importing gold at hightest levels ever. I agree, where is it coming from?