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Turkey Gold Demand Spikes To 8-Year High (As Price Drops)
As gold prices have fallen, yet another nation is choosing to use the drop to build its reserves. As Bloomberg notes, Turkey’s gold imports that doubled this year are set to reach the highest level since 2005 as the metal's price heads for the first annual drop in 13 years. As Commerzbank notes "there seems to be a lot of interest in physical gold at the current low price," as Turkey imported 251.4 metric tons of gold since January - the biggest tonnage increase since at least 1995 (a rate almost 60% more than 2012's average monthly rate). Turkey was the fourth-largest buyer of gold last year, after India, China and the U.S., World Gold Council data show.
Source: Bloomberg
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Amazing how a few banking elite can fight against the entire world and think they can win.
That which cannot be sustained, won't be.
hedge accordingly.
World Gold Council data show.
Take note peoples.
The World Gold Council is the market development organisation for the gold industry. Working within the investment, jewellery and technology sectors, as well as engaging in government affairs, our purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold.
Doc the Reuben is ready!!!! Pick it up!!!!
Thank you kito. On what shall we bet next? :) I have one with Fonz on the 6 month price of Twitter.
gee.. it's not like possesion of the underlying is important or anything..
..snicker :-D
Each of us can be our own central bank. Buy gold. Turkey is being smart (in addition to getting Iranian oil for cheap).
nooooooo!!! im done for now. your sandwich place knows me by name already
How do you get around US Gov Sanctions? - for 1oz Alex.
I'll take rebellion for 690 grains, Alex.
"Pitchforks & Torches" for 1/10 oz, Alex...
That which cannot be sustained can be sustained longer than you can remain liquid.
Define "liquid". Your statement implies that somehow all forms of trade/exchange can be regulated/controlled.
Good luck with that.
liquid is the stuff that drains out of your cash deposits.
In 20 days my turkey import is going to spike to a record high....turkey and stuffing bitchez!
Folks this chart isn't bullish:
http://finance.yahoo.com/q/ta?s=GLD&t=5y&l=on&z=l&q=l&p=&a=&c=
Gold is going to $1000 or $750. Sorry fellas.
Wake us when I can take delivery for under $300 (I did this less than 15 years ago, certainly you expect to live for more than 15 years douchebag).
will not happen.
But yes, that paper "trust" you cite on yahoo will definitely go much, much lower.
Gold isn't looking as bad as the gld chart suggests, most of the selling over the past year has been in ETFs (which makes a lot of sense).
http://www.gold.org/investment/statistics/demand_and_supply_statistics/
shorting the paper has been a great call (for the last year) and may still be, right up until the yield on the the ten-year hits 4%.
that's my call.
Laws - anything is possible but I don't really understand why you would call for a 4% yield on 10yr when the US is so interest rate sensitive...this would blow the economy out of the water?! Given this coupled w/ the Fed's seeming ability to maintain QE...well, forever, why would they not do so and allow the rates to destroy the economy??? What scenario do you see that allows this to play out?
There is enough extra cash in the system for the eCONomy to "muddle" through with a return to historic averages. The Fed must regain some confidence. We all know this and this is my contrarian play.
Look Lassie, the private Fed does NOT have control over the interest rate as they claim, and you believe, given your Pavlovian response. The bond "market" dwarfs the private Fed; hence the rise in interest rates recently against their will.
Fiat systems are nothing more than confidence schemes. Once the confidence goes, watch out below. What will lead to a loss of confidence? That is the $64K question that no one can answer. All we (those who pay attention to the writing on the wall) can say is that there will be a loss of conficence in the near-term future. Get ready.
VD (if I may call you that?),
not sure how bond market dwarfs Fed -
$17 T in Federal treasury debt
$5 T in "intragov non-marketable debt" (SS and the like...will be rolled indefinitely...though it could be argued that the loss of the SS surplus was the harbinger of the Fed's QE to patch a leak that began long ago)...so $12 T in marketable debt ($1.5 T in Bills, 7.8 T in Notes, $2.4 T in Bonds/ TIPS).
$1.5 T in Bills used as short term liquidity...Fed and foreigners own next to none.
Fed owns $2.5 T (20%) of the remaining $12 T in Notes / Bonds / TIPS...foreigners own $5 T of these (40%)...so there is "only" $4.5 T in the market...and Feds QE is more than mopping up new issuance and rollover.
Only flaw and rise in rates comes if QE cannot be maintained...but I see no reason it will not be maintained.
@ Laws...disagree that economy can sustain 3% yields let alone 4%...everthing depends on ever lower rates...and that is the Feds job
look to the far east-abe boy, to see the future OR loss of faith as in china dump because the mic crosses the line.
or that black swan shows up....
im startin to feel like im waiting for Godot, not the black swan
Last I checked (and my math is never wrong), foreign holdings (in billions) of treasuries is 5,443.4 > 2,125.5, which is the amout of treasuries held be the private fed. Get it? And this is just a partial picture of the size of the bond market.
Sources:
http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/...
and
http://www.federalreserve.gov/releases/h41/current/h41.htm
so you saying the mopper of last resort will mop like a mutha fuk? they can do that, but what about the dollar value when this confidence goes. ben can not print euro's , yuans , reals and so on....
game over...
Not sure how you can say that as the data is exactly opposite...
China has increased it's T holdings from $520 B in '08 to $1.1 T now...Japan from $550 B in '07 to $1.1 T now...Belgium from $16 B in '09 to $133 B today...Brazil from $33 B in '06 to $236 B today...Fucking Norway went from $5 B in '09 to $68 B today...get the picture...Russia, Taiwan, UK, Switzerland, Ireland all have huge increases in T holdings!!! There are no foreigners selling...the real question is where they are getting the money with which to buy these. Dollar swaps??? And in the same period, the dollar has no significantly weakend.
Can you say collusion on a nation state level??? They all seem to be holding hands...no matter what they say in public their actions are clear.
Need the ETFs to come back for the gold price to pick up though. Gold bugs hate this, but it's reality.
http://www.goldfields.co.za/reports/annual_report_2012/img/pg47_pic2.gif
http://www.refinedinvestments.com/wp-content/uploads/2011/08/chart-of-th...
The reality is that you don't know what the fuck you are talking about.
Need the ETFs to come back for the GLD price to pick up though. GLD bugs hate this, but it's reality.
You misspelled GLD. There, fixed it for you.
it's not.
GLD will be at 500 while gold bars are at 5000 per oz.
Man, I hope you are right and gold (and silver) does go to nearly half of the price to mine the stuff...there can be no greater bang to the upside than a market in which exploration is completely shut down and mines mothballed. Please please please let this anti open market massive imbalance of high demand and low supply resluting in lower prices continue...for the bang up at the end is only that much more spectacular.
Exactly. Good luck taking delivery when the price goes below $700 an ounce. Will real market player be willing to wait 7 years like Germany? I think not.
Gold mining can completely shut down and the 175,000 tons in existence will continue to be bought and sold. Annual production is relatively immaterial to price of gold. I guess goldbugs just can't think rationally about gold. Platinum is 16 times more rare than gold yet only trades at a 10% premium to gold. Gee, you think gold might still be a bit bubbly? LOL. I guess you'll have to learn the hard way.
Because platinum is NOT money like gold is, dumbshit.
Why does the US mint produce platinum coins? LMFAO
JFC, it's almost impossible you're that dumb. Look up the definition of money and you can answer your question.
Tyler(s) please bring back the captchas!
He's been here a week...
Maybe a new troll? Oh goodie. We need moar gold trolls.
metals ain't money, we're told
as if the story never gets old
paper issued by a felon
most recently Yellen
and so, once again, we're troll'd
- 1
Proof platinum coins for collectors only.
Both Platinum and SIlver are a money in the same sense that Gold is.
They are not as universally accepted as gold is.
Dumbass, platinum is among the ISO currencies & the Royal Canadian mint also issues Platinum maple coins.
Uncle - I get your scenario assuming gold is sold freely as the price goes down (not subscribing but get it)...but if I apply the same to silver where there is relatively low supply (2 to 3 mo's at present consumption) above ground supply, the result looks quite different. Thoughts?
Most silver is produced as a by-product to copper and zinc mines. Silver was getting produced at $6.50 per ounce and there is no reason it wouldn't do so again. It's largely the same sources of production.
Most silver is produced as a by-product to copper and zinc mines.
Uh oh, you're going to break a few hearts if you keep going this direction..
Last year in Dec, people on here were claiming I was this guy:
http://www.maxkeiser.com/2012/12/jeffrey-christian-silver-demand-is-weak...
'Cept he was way too optimistic on gold. Either way, people need to understand what they're buying better. Good to see someone else on here rationally explaining a bit about the game.
not disputing that 2/3rds of silver is "by-product" but given everything is priced on the margin...I don't see anything but flat'ish zinc / copper and significant slowdowns in primary silver miners / explorers. Can't see how a silver price drawdown is anything but bullish in the simple matter that demand remains elevated while supply is constrained? I don't see how mining prices will come down when looking at input costs rising and ore grades declining.
Glad to hear your thoughts.
The grades that the charlatans like to promote are highly skewed by the mines which have come online due to the elevated prices, I would take those with a grain of salt.
Mine supply rose for the tenth consecutive year, to a new record high of 787.0 Moz (24,478 t). The primary silver mining sector increased output by only 0.8% in 2012, with most growth coming from the by-product sector, particularly the lead/zinc mining industry. Meanwhile, scrap fell by 1.6% to 253.9 Moz (7,897 t), which is still the second highest level on record.
Total fabrication fell by 6.6% last year, to 846.8 Moz World Investment rose by 0.8% in 2012, to 252.7 Moz (7,860 t), as implied net investment increased, compensating for falls in physical bar investment and coins and medals. https://www.silverinstitute.org/site/wp-content/uploads/2013/06/WSS2013S... https://www.silverinstitute.org/site/supply-demand/Doesn't matter. Silver Wheaton among others just refines & sells the pure silver.
There's plenty good reason why not:
the byproduct mining will stop because the PRIMARY mining will stop. Copper, zinc, etc., will be mined less with lower demand for the items, lower prices on the market will reflect it.
Gold, copper, silver, tend to move together with a few divergences.
How many of those 175,000 tons are available for sale in exchange for fiat toilet paper?
Hint: If you said ZERO, you're probably closer to the answer than if you said 10,000
turns out annual production is NOT keeping pace with gold or silver for the amounts being purchased & stockpiled. For the most part these amounts are transfering ONE way & sitting put for the next few years to decades.
Platinum has only very specific industrial uses but looks like palladium or silver. Having 3 precious metals all look alike does not help the money-in-hand situation. There's no mistaking gold on appearance, only a little testing to ensure it hasn't been faked or debased.
Hell GLD could go to $0 for all I care. The markup on physical will just continue to grow, IMHO.
Separately, some say buy the physical, short the paper..
looks quite bullish imho.
the correction from 2011 on is a bullflag, i.e. it looks like it could jump to ca. 3000...
Right...and who's going to subsidize the miners to produce at that price?
Go look at the gold/reichsmark chart for Weimar in the 20's.
It didn't go straight up at until the end straight.
Several retrenches ,and plateu's.The Reichsbank played games as well.
Made no difference in the end.The FedRes will be no more successful.
yea, just don't buy to much - heh heh..
s/
Naw! History doesn't repeat itself... THIS time is different!
"Gold is going to $1000 or $750. Sorry fellas."
dont feel sorry for those holding it...
feel sorry for all ya'll walking around with worthless green peices of paper that says "Note" at the top...
Silly muppet...debt is for slaves....................
Cocksuckers who insist on defending a corrupt paper money system beware. Even the Lord your God demands honest money. From Proverbs 20
10Divers weights, and divers measures, both of them are alike abomination to the LORD.
and
23Divers weights are an abomination unto the LORD; and a false balance is not good.
wrong. Once the big slam down completes (which it has) the next direction is UP and a lot. The time period keeps doubling, the 2006 drop vs 2008 drop, 2008 vs 2011, but the intensity upward is about the same % (same vertical distance on a log-scale graph).
This means like last time seeing a drop from 1000 to 650 or so, and then a rise from 650 to 1900 almost with no break at all (small period drops on the order of -7 to -9%), now this projects forward to a similar rise:
1900/650 x 1200 (recent low) = new gold price USD peak of $3507
That's very bullish.
You obviously don't know how to read charts or how to understand what "bull" and "bear" means. A bear market is one that's GOING DOWN not finished moving. A bull market is one that's HEADING UP not FINISHED heading up.
This is a gold bull market since 2001 & has remained so without break. A small down swing of gold from 2011 to 2013 in that large 260 to present day price is NOT A BEAR MARKET. It's a small correction.
TEENY TINY. SMALL.
Finished too. It's time to say hello to USD $3500/oz troy Au.
It's all going to IRAN!
Exactly! Turkey is just funneling Gold in and then out to Iran in exchange for Iranian oil.
Turkey Gold, is that like some kind of premium Thanksgiving bird?
as long as it's not in Greece!
what the FED/JPM/Squid machine does is to make the world rich in commodities to protect its own fiat WS asset empire.
If you wanted to understand the feeling in Constantinople in 1453 with the Ottoman at the gates, while they discussed how many angels could stand on the head of a pin, just consult the FED !
Gold demand spikes in Turkey, drops somewhere else etc... so what?
drops NOWHERE else - that's the big deal.
I fully appreciate the frustration that many PM holders are feeling, but frankly, I am buoyed by extremes that are now in evidence.
This type of increasing volatility and disconnect only happens when the end game is near.
@Tinky
That be true...........but how long will the extremes go on for.
been a funny year for PM's this is supposed to be it's strong time of year!
That made me hungry. Turkey can have their gold. I'm going for a Turkey sandwhich.
Holy fucker rucker BitCoin: Last price:$347.00000
Gold: -23 bucks.
LMFAO. Yes, bitcoin will be one hell of an inflationary force (once people actually start using it) - "winning".
in the meantime an ounce is still an once for all those in my possession.
FED and their foreign CB Buttbuddies cant manipulate the Bitcoin market so easily...
MORE easily.
No position limits, no reporting of any sort, all black-box off balance sheet, & they can print endless money to drive up the price using fiat exchanges and then dump-sell at a "loss" printing more money to cover and scare the hell out of btc holders.
I have found that the best way to guage true gold demand in the U.S. is to go to local coin shops and watch coins on eBay.
How is that gold demand right now? US gold demand is weak. It's about to get weaker and goldbugs liquidate their holdings to buy food and Obamacare.
Actually US gold demand has not been significantly off from US silver demand and that demand is now hitting records of the decade (in units sold reported by the US mint)
Things have been slow at the LCS for months now. Lack of demand for physical in my city?
24hgold/eBay Gold Eagle Premium to Spot Widget: 24hgold.com (bottom of their home page)
I am not really worried about paper gold anymore. It will rise as fast as physical. China is forcing the bullion banks in their country to sell physical at near spot. They are no longer able treat the paper price as a punching bag and then gouge in the real world. There will not be a seperation of physical and paper. Those who bet on a seperation happening, by hedging in paper or shorting paper, are probably going to be unhappy with the return of the rule of law where the real gold market is.
here we go - retest 1252, moved thru 1292, will it close +-? patiently awaiting next buy of 4 oz increment...
stacking bitcheez!
The whole concept of the ETF was designed to manipulate gold prices. An ETF that allows fractional papering and then allows leveraged shorting but doesn't require delivery of physical?
It was designed as a tool for manipulation and is performing it's role well.
How come nobody was complaining about gold ETF's at 1900 but it's a conspiracy now? Bubble charts are all the same. A parabola into a peak and then a symmetrical decline. Gold's chart is a classic burst bubble. We're on the downside and those bulls who regret not selling at the peak are now stuck holding, hoping and wishing. "Just get me back to x and I promise I'll never trade it again". Classic.
Though I generally don't feed trolls, how about backing up your asinine opinions with some money? Let's both put $10k in an escrow account, and if gold goes to $800 (you used the $750 figure), you take it all, if it goes to $1600, I'll take it.
Step up to the plate, or get lost.
Why are my opinions asinine or is just that you're long gold and want it to go up? Throwing a temper tantrum isn't very convincing of anything.
I'll take that as a "No, I certainly won't risk any money on my strong opinions."
I'm not betting some anonymous dork on the internet named Tinky. LMFAO
Presumably you don't even understand the concept of an escrow account.
what rock did you hide under?
I've seen complaints about GLD being a fraud since gold was under 1100. Complaints precede that date but I didn't start looking until then.
what rock did you hide under?
I've seen complaints about GLD being a fraud since gold was under 1100. Complaints precede that date but I didn't start looking until then.
As a matter of fact I did sell at the peak out of need (not desire) for paper cash (to be used immediately). I regret selling. I don't regret NOT selling.
I would have preferred to use puts for GLD or AGQ or to have got shares of zsl or hzd (tsx) around the peak to sell on the dip.
I actually saw the dip coming using a rate of change prediction chart (roc period 131 trading days if I recall but that's about 3 models back now for me so it's been a while).
Video's up on http://www.youtube.com/ytgv3fc7
Why are they buying gold? The real money's in the tech momo stocks - they should be loading up on TWTR, LNKD, NFLX, etc.... How do they expect to join the modern world if they insist on wasting there money trying to bottom call dubious quality commodities that the speculators have clearly designated as dead.
Plus which, if China's buying thousands of tons of gold, and India's buying at least hundreds of tons (in spite of their well-meaning governments desperate attempts to bring them into the wonderful world of western banking ponzinomics), and if there's only 2700 tons of gold mined per year (soon to be 0 thanks to our heros at the bullion banks and the BIS) then where the fuck do they think they're getting this physical gold from. I don't know, it seems dubious, can we get a confirmation from Bloomberg, or Marketwatch, or maybe CNBC? They seem to be the experts.
Its RAID Motel...theyre raiding the GLD(and SLV) and guess who loses their preciousssss? No, not Gollum...
The sheeple that entrusted GLD with faith, confidence and belief that they are alchemists and can convert toilet paper into metal...
Thats who..
So now to the huge numbers of Chinese Gold import we have to add Turkey, Russia, Thailand ... How long will it take Gold now to get above $1300?
Taper Anyone? China, Interest Expense On The U.S. Debt Outstanding And Gold.
"US Dollar is running wild today trying to understand the FED's talk. "We will taper at some point data permitting, but will keep ZIRP until 2016 now" - with this kind of double talk from the both sides of the mouth anyone can get confused very soon. What is the best cure from the Taper Impulsive Disorder? - Higher Interest Rates.ZeroHedge reports that they are moving up fast with the first sign of Taper confusion in the headlines and below you can find the reason why it is impossible to Taper anything now.
Amount of US debt is so huge at 17.1 Trillion, that interest expense is one of the largest on record even with record low interest rates and stands at 415.7 Billion in 2103. Now double it and apply to US Economy general statistics, then do the same after listening to John Williams from shadowstatistics.com about the real numbers. We guess that Chinese have run these numbers long time ago and buying all physical Gold now they can get." http://sufiy.blogspot.co.uk/2013/11/taper-anyone-china-interest-expense-on.html#
Anyone else get the feeling that the US FED is smashing down the price of Paper Gold, AKA Fools Gold, so the rest of the global Central Banks can fill their vaults with The Real Thing? ( not Coke. (tm))
gold in the vault, coke in the office! Ah, the life of the top-level banksters.
all info point to higher phys price - i can only remain ignorant so long...
sucks to be a gold buyer over on the otherside-up all night awaiting the slam of fools gold.
Bagged me another oz of the dub phyzic on the dip.
Buy LOW sell HIGH......Just stackin
Terrorists love the fucking DIPS
We would refuse to accept a trillion dollar platinum coin"-signed The Fed
Now add Thailand with 200 t imports for this year as well doubling from 93 t last year:
Peter Schiff: With ECB Rate Cut FED Has More Room To Increase QE Now
Peter Schiff warns everybody: do not be fooled by all this Taper talk, the moment FED removes the QE we are going in recession. ECB Rate Cut gives more room for FED to increase QE now. The action in Gold and Gold miners will be the very good indicator of the real state of the financial markets. Any discussions will stay only the words without money flowing into the sector. China is buying record amount of Gold this year and now you can add countries like Thailand and Turkey into the mix as well. What do they know the others don't? The real situation with Gold at the Central Banks being leased outor Record Low COMEX inventories? http://sufiy.blogspot.co.uk/2013/11/peter-schiff-with-ecb-rate-cut-fed-has.html#
Yarr! Gold be a bararous relic, matey. Ye don't want any of it!
Also ye may git cursed.
Go on now, no moar gold to see here.