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Iran Gold Imports Surge - 1.2 Billion USD Of Precious Metals From Turkey in April Alone

Tyler Durden's picture




 

Via @GoldCore

Iran Gold Imports Surge - 1.2 Billion USD Of Precious Metals From Turkey in April Alone

Friday's AM fix was USD 1,552.50, EUR 1,259.53, and GBP 1,015.37 per ounce.
Friday’s PM fix was USD 1,606.00, EUR 1,292.76, and GBP 1,041.76 per ounce.
Today is a holiday in the UK and the London bullion market is closed.

Silver is trading at $28.35/oz, €22.92/oz and £18.55/oz. Platinum is trading at $1,444.50/oz, palladium at $609.90/oz and rhodium at $1,200/oz.


XAU/USD Currency Chart – (Bloomberg)

Gold rose 3.85% or $60.10 in New York on Friday and closed at $1,622.20/oz. Gold fell fractionally in Asia but has gradually been ticking up in Europe (low $1,612 and high $1,623).

Gold continues to consolidate above $1,600/oz after its 4% surge Friday on the appalling jobs number which led to a 3% gain for the week. 

Gold again showed its safe haven status on Friday and for the week. Gold had its biggest daily percentage gain in more than three years and its 3% gain last week contrasted with the S&P being down by 3% for the week and other stock markets were down by more.

Euro gold surged Friday and is back above €1,300/oz and the record high of €1,375/oz looks set to be challenged again in the coming weeks after the period of consolidation seen since last September (see chart).

Global gold demand continues to surprise to the upside – especially sizeable demand from the Middle East and China.

Confirmation of continuing huge demand in China came yesterday with data showing that Hong Kong shipped 101,768 kilograms of gold to mainland China in April, up 62% on the month - marking the second-highest monthly exports ever.

While demand from India continues it has fallen from the record levels recently but demand from other Asian countries is robust with reports of demand in Thailand, Vietnam, Malaysia and Indonesia.

A new and potentially significant source of demand is that of demand from Iran.

Iran imported a massive $1.2 billion worth of precious metals from Turkey in April alone.

Turkish exports of gold, precious metals, pearls and coins to Iran rose to $1.2 billion in April from a tiny $7,500 a year earlier, according to figures released by the state statistics institute in Ankara yesterday.

This is a massive increase in demand and suggests that there may be official involvement in the imports from the Central Bank of Iran.

This trend continued in May when Turkish gold imports leapt by 150% in May due to unrelenting demand from sanction strapped Iran.

Turkey imported 19.47 tonnes of gold in May, up from 7.78 tonnes in April, according to data released by the Istanbul Gold Exchange on Friday.

Foreign trade data showed Turkey earned $1.27 billion from exports of 23.9 tonnes of gold in April, dwarfing the $75.4 million earned from sales of 1.65 tonnes last year. Some 95 percent of the total gold exports went to Iran in April.

Turkey's gold imports in the first five months of the year totalled 35.18 tonnes, compared with 79.70 tonnes in 2011 and 42.49 tonnes in 2010.

Some of the increase was also attributable to the onset of the wedding season and regional tensions related to the 14-month-old uprising in neighbouring Syria. Although, official buying from Syria is not suspected.

The export data showed Iranian buying from Turkish gold traders has been the crucial factor.


XAU/EUR 1 Year Currency Chart –(Bloomberg)

Sanctions to force Iran to curb its nuclear programme have targeted its energy and banking sectors and new measures from both the United States and European Union take effect in July.

Indeed, Iran was prohibited from using the global payments system, SWIFT, by the US.  

Iran announced last week that it has designed and implemented a replacement for the Society for Worldwide Interbank Financial Telecommunication (SWIFT,) which facilitates the bulk of global cross-border payments. SWIFT cut off Iranian banks blacklisted by the European Union over Tehran's nuclear program in March after an EU order and pressure from the United States.

The chairman of a leading Russian bank has criticised the United States for imposing sanctions on Iran, stressing that the U.S. sanctions against the Iranian banking sector violate international laws.

The U.S. financial and economic sanctions against Iran violate the charter of the International Monetary Fund (IMF), which demands free trade between all member states, Chairman of Russian Vneshtorgbank (VTB) Andrei Kostin said on Friday.

The sanctions and economic war have made neighbouring Turkey an ever more important channel for the Islamic republic.

The scale of the buying suggests that some of the gold imports are official and possibly from the Central Bank of Iran.

Gokhan Aksu, vice president of Istanbul Gold Refinery, believes Iran is holding some of its oil revenues in gold.


Cross Currency Table – (Bloomberg)

Meanwhile ordinary Iranians are buying gold as a safe haven store of value as the rial currency is losing value and access to foreign currency was being choked off by Western sanctions.

Many Iranians are increasingly choosing to keep savings in the precious metal rather than paper currency.

In January the EU and US agreed to freeze the assets of the Iranian central bank and ban all trade in gold and other precious metals with the Iranian Central Bank and other public bodies in Iran.

Tehran announced at the end of February that it is ready to receive payment for oil supplies in gold as well as the national currencies of importer countries - according to Mahmoud Bahmani, Governor of the Central Bank of Iran.

According to IMF data, at the last official count (in 1996), Iran had reserves of just over 168 tonnes of gold. The FT reported in March 2011 that Iran has bought large amounts of bullion on the international market to diversify away from the dollar, citing a senior Bank of England official.

Currency wars continue and are set to deepen.

OTHER NEWS
(Reuters Global Gold Forum) -- Commerzbank: Gold regaining safe haven status
Commerzbank said in a note on Tuesday that it expects gold to rise further following a minor pause, having regained its safe haven status. "Gold has now successfully bounced off the major 1532.20/1522.48 support zone which is made up of the September and December 2011 lows and has so far shot up to 1630.02. This is marginally above the area seen between the 55 day moving average at 1624.78 and the 38.2% Fibonacci retracement at 1627.90 which has acted as resistance," it said. "A minor retracement back to the 1600 level is now on the cards but the next lower significant 1532.20/1522.48 support area should not be retested any time soon, though," it added. "We expect the precious metal to stay above its late May high at 1584.20 on a daily closing basis in the course of this week and for it to head higher still in the near future."

(Bloomberg) -- Turkey Exchange Says Gold Imports Were 19.5 Metric Tons in May 
Turkey’s gold imports were 19.5 metric tons in May, the Istanbul Gold Exchange said on its website.

Silver imports were 10.8 tons last month, the data show.

(Bloomberg) -- U.S. Mint’s American Eagle Gold-Coin Sales Double in May
The U.S. Mint’s sales of American Eagle gold coins in May more than doubled from April as prices of the precious metal declined.

Sales were 53,000 ounces, compared with 20,000 ounces in April and 62,500 ounces in March, according to the Mint’s website. Sales of American eagle silver coins rose 89 percent in May to 2.88 million ounces from April.

In May, the benchmark gold price fell for the fourth straight month, the longest slump since 2000, as the dollar rallied on the escalating debt crisis in Europe. Silver dropped for three consecutive months.

“People are slowly coming back to gold and silver as prices have fallen,” Scott Carter, the chief executive officer at Los Angeles-based Lear Capital, said in a telephone interview. “The fear trade is bringing some investors to gold.”

Gold futures for August delivery surged 3.2 percent to $1,614.70 an ounce at 12:31 p.m. on the Comex in New York, heading for the biggest gain for a most-active contract since Sept. 27.

(Bloomberg) -- Platinum-Gold Ratio Declines to Lowest Level Since January 10
One ounce of platinum bought as little as 0.884 ounce of gold today, the least since January 10, according to data compiled by Bloomberg.

Cash platinum fell as much as 0.8 percent to $1,432.75 an ounce, and was at $1,433.75 at 12:49 p.m. Singapore time. Gold was little changed at $1,621.55 an ounce, after gaining the most in more than three years on June 1.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

NEWS
Gold Gains Alongside Commodities on Stimulus Bets, China DemandBusiness Week

Gold's tarnished safe haven status gets polished - Reuters

Hong Kong-China gold flow jumps 62 pct in April - Reuters

Archeologists uncover 2,000-year-old coins, jewelry
– The Jerusalem Post

COMMENTARY
Commentary: Why would Iranians be buying gold? - MarketWatch

Gold Is At Imporant Intermediate Term Resistance - Long Term GATA Has It Right - Jesse's Café Américain

'Uncivilised' China Purchases A Record 100 Tons Of Gold In April From Hong Kong – Zero Hedge

American Eagle gold bullion sales more than double in May - Mineweb

 

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Tue, 06/05/2012 - 08:28 | 2495312 LULZBank
LULZBank's picture

Gold Bitchez!!

Tue, 06/05/2012 - 08:33 | 2495335 GetZeeGold
GetZeeGold's picture

 

 

Time to call Seal Team Six and restock Fort Knox.

 

Tue, 06/05/2012 - 08:36 | 2495344 HelluvaEngineer
HelluvaEngineer's picture

Actually, they need to restock Seal Team 6 first.

Tue, 06/05/2012 - 08:40 | 2495356 Colombian Gringo
Colombian Gringo's picture

Guess when you block the Iranians ability to settle in USD, they resort to gold. Gee, what a surprise.

Tue, 06/05/2012 - 08:48 | 2495386 ITrustMyGut
ITrustMyGut's picture

my only questiuon is.. where is the supply that these volumes.. Iran , China, etc... are taking delivery.. from?

 

and hopefully.. they know to check for Tungsten!

Tue, 06/05/2012 - 09:35 | 2495484 francis_sawyer
francis_sawyer's picture

Now the joos really have motivation to attack...

EDIT: Go ahead, junk that... I guarantee you in 5...4...3...2... it'll be reported that the gold that entered Iran was none other than that which was melted down from the teeth of holocaust victims... You can set your watch by this shit...

Tue, 06/05/2012 - 13:09 | 2496354 fourchan
fourchan's picture

 

 

WE BUY GOLD

allah akbar

Tue, 06/05/2012 - 09:44 | 2495638 knukles
knukles's picture

BINGO!

CG, you bloody well nailed it. 

Everybody else around the globe (well, most of the people who just won't fucking listen) ignore that fact.
I gots what you all wants, er, excuse me, Needs and you won't let me take that fiat horse shit Yankee Dollar, by gum, jolly and penis envy, I'll take your gold.

Fuck you Western Hethans and the Brinks truck you drove the gold in on.

 

Now, if they really want to fuck with the Western Banking Powers, they'll demand Physical.

Tue, 06/05/2012 - 10:06 | 2495731 bernorange
bernorange's picture

"This is not the evidence of India/China/etc. buying oil with gold that you are looking for." /Obi Won Bernanke

Tradition!

Tue, 06/05/2012 - 10:58 | 2495909 Cortez the Killer
Cortez the Killer's picture

Pity all their gold will be disbursed into the wind when the nukes start coming in.

Tue, 06/05/2012 - 11:48 | 2496099 Weyland_Yutani
Weyland_Yutani's picture

Fort Knox has been empty for decades. It's just for show.

Besides, our overlord Bernanke, says that gold isn't money so who cares about Fort Knox.

Tue, 06/05/2012 - 16:22 | 2497263 Al Gorerhythm
Al Gorerhythm's picture

Jim Ricards in his latest, says there is no problem with that.

http://www.brotherjohnf.com/archives/39137

Tue, 06/05/2012 - 08:28 | 2495314 achmachat
achmachat's picture

this is what happens when there's no other choice I guess...

good money replaces bad money, by force!

Tue, 06/05/2012 - 08:32 | 2495328 LULZBank
LULZBank's picture

Necessity is the mother of intervention.

Tue, 06/05/2012 - 08:36 | 2495346 t_kAyk
t_kAyk's picture

"Let's see your Code Stux touch my gold, you bastards!"

Tue, 06/05/2012 - 08:30 | 2495324 ghengis86
ghengis86's picture

Those crazy Mullahs are oppressing that Gold, which is also threatening Israel; time to free the shit outta that gold!

Tue, 06/05/2012 - 10:06 | 2495732 Things that go bump
Things that go bump's picture

They really are asking for it, aren't they.

Tue, 06/05/2012 - 08:32 | 2495330 LoneStarHog
LoneStarHog's picture

Funny how these UNCIVILIZED people realize the true value of gold, while Warren Buffett invests only in things that he "UNDERSTANDS".

The "tide is going out" and people are starting to "understand" not only who is naked, but who truly are CROOKS.

Tue, 06/05/2012 - 09:19 | 2495526 eclectic syncretist
eclectic syncretist's picture

China has been increasing gold production by about 15%/yr for a long time now, and they aren't selling it.  Someday they might make a quiet announcement of having a whole hell of a lot more gold than we give them credit for now, and then you'll really see some funny talking heads babbling on about gold.

Tue, 06/05/2012 - 11:26 | 2496015 Bay of Pigs
Bay of Pigs's picture

They dont need to announce anything. Thery are clearly hoarding massive amounts of gold. And when this is finally understood gold goes vertical. 

The west is asleep at the wheel. Is this intentional or just more great leadership from clueless buffoons?

Tue, 06/05/2012 - 08:32 | 2495332 the not so migh...
the not so mighty maximiza's picture

I would be hording too since the white man cannot balance a check book.

Tue, 06/05/2012 - 08:34 | 2495339 GetZeeGold
GetZeeGold's picture

 

 

I would point out the black guy isn't very good at it either.....just sayin.

 

Tue, 06/05/2012 - 08:36 | 2495347 the not so migh...
the not so mighty maximiza's picture

You and I both know, we don't know what the hell he is.

Tue, 06/05/2012 - 08:44 | 2495368 LULZBank
LULZBank's picture

Dat be rayciss.

Tue, 06/05/2012 - 08:34 | 2495338 caimen garou
caimen garou's picture

Funny how talking heads in the US say that gold is not money,seems every other country in the world thinks so Ben!

Tue, 06/05/2012 - 09:09 | 2495363 JustObserving
JustObserving's picture

Ben knows that real money is corrosive to the value of ponzi currencies.  If gold rises above $2000, it will be a threat to the hegemony of the dollar as a repository of value.  Europeans are buying dollars and German bonds as the EU crisis escalates.  They may start buying gold instead like the Chinese, Iranians and the Indians - the lesser civilized people per Charlie Munger.

Tue, 06/05/2012 - 08:43 | 2495343 Seasmoke
Seasmoke's picture

7500 increases to 1.2 billion !!!!!.....Who knew the terrorist believed in tradition

Tue, 06/05/2012 - 13:11 | 2496364 fourchan
fourchan's picture

barbarians.

Tue, 06/05/2012 - 08:39 | 2495354 insanelysane
insanelysane's picture

liesman and santelli toe to toe as liesman jumps on the US needs to send money to Europe because the Germans can't be trusted.  Of course he ignores the fact that 40+% of every US Government dollar is borrowed from....

Tue, 06/05/2012 - 08:46 | 2495375 caimen garou
caimen garou's picture

sorry can't watch liesman,everytime I try my tv goes into shutdown mode

Tue, 06/05/2012 - 09:54 | 2495681 greyghost
greyghost's picture

damn, and here i was thinkin i needed a new t.v.!!! shhh, don't tell the wife. i told her we needed a new tv. now where did i stash all those obamabucks?

Tue, 06/05/2012 - 10:33 | 2495829 Disenchanted
Disenchanted's picture

 

 

 

Do idiot boxes qualify as thingamjigs?

Tue, 06/05/2012 - 08:42 | 2495361 Illya Kuryakin
Illya Kuryakin's picture

Every ounce bought was willingly sold by someone else...

Tue, 06/05/2012 - 08:45 | 2495373 LoneStarHog
LoneStarHog's picture

"Every ounce bought was willingly sold one hundred times by someone else..."

There I fixed it for you. You're welcome! :)

Tue, 06/05/2012 - 09:18 | 2495521 prole
prole's picture

Every ounce bought was willingly sold by someone else...

I think it would be more accurate to claim that every ounce was originally stolen from some dumb-@$$ Sheople by Rosenveldt in 1933. Where is that gold now BTW? To what country was that gold spirited away?

I rather think that most of the gold was stolen then re-hypothestolen again. The Tzar's gold now where? Hitler's gold now where? Yamashita gold? K-Daf's gold now where? Saddam did he have any au and where is it now?

(another zher asked this question. I just rehypothecate the question)

Tue, 06/05/2012 - 09:24 | 2495548 Disenchanted
Disenchanted's picture

 

 

Chavez knows where Venezuela's gold is...

 

Chavez brings home his gold

http://www.voltairenet.org/Chavez-brings-home-his-gold

 

Central Bank chief Nelson Merentes said the return of the gold to Venezuela was an "act of historic, symbolic and financial value."

"The country’s finances will be backed by autonomous wealth, so we are not subject to pressure from anyone," he added.

 

BUT...who controls 'his' Central Bank?

 

 

Tue, 06/05/2012 - 09:33 | 2495591 lakecity55
lakecity55's picture

I have wondered about that, too. Is he one of the few not under TPTB banks? How about Cuba? There are only a few holdouts, like the Iranians.

Tue, 06/05/2012 - 09:47 | 2495655 Disenchanted
Disenchanted's picture

 

 

According to this link Cuba, Iran, and Venezuela are all in the BIS(Rothschild?) network:

http://www.bis.org/cbanks.htm

 

1930:  The first Rothschild world bank, the, "Bank for International Settlements (BIS)," is established in Basle, Switzerland.  The same place as where 33 years earlier the first ever World Zionist Congress was held.

 

quote from Timeline and The History of the House of Rothschild by Andrew Hitchcock

Tue, 06/05/2012 - 09:54 | 2495688 Disenchanted
Disenchanted's picture

from: http://www.bis.org/about/functions.htm

 

BIS activities

 

A meeting place for central banks


Currently more than 5,000 senior executives and officials from central banks and supervisory agencies participate in meetings organised by the BIS every year.

 

The most important meetings held at the BIS are the regular meetings of Governors and senior officials of member central banks. Held every two months in Basel, these gatherings provide an opportunity for participants to discuss the world economy and financial markets, and to exchange views on topical issues of central bank interest or concern. The main result of these meetings is an improved understanding by participants of the developments, challenges and policies affecting various countries or markets. An atmosphere of openness, frankness and informality amongst participants is critical to the success of BIS meetings.

 

Other meetings of senior central bank officials focus on the conduct of monetary policy, the surveillance of international financial markets and central bank governance issues.

 

In addition, the BIS organises frequent meetings of experts on monetary and financial stability issues as well as on more technical issues such as legal matters, reserve management, IT systems, internal audit and technical cooperation. Though targeted mostly at central banks, BIS meetings sometimes involve senior officials and experts from other financial market authorities, the academic community and market participants.

 

Research and statistics


The economic, monetary, financial and legal research of the BIS supports its meetings and the activities of the Basel-based committees. The BIS is also a hub for sharing statistical information amongst central banks, and for publishing statistics on global banking, securities, foreign exchange and derivatives markets.

 

Research is carried out primarily by BIS staff, supplemented by visiting researchers from central banks and the academic community. From time to time, the BIS organises special meetings and conferences with central bank researchers and academics.

 

This research finds its way into the Bank's regular publications, such as the Annual Report and Quarterly Review, and into its BIS Papers and Working Papers series, as well as external publications such as professional journals.

 

Seminars and workshops


Through seminars and workshops organised by its Financial Stability Institute (FSI), the BIS promotes dissemination of the work undertaken by the supervisory community. The FSI not only familiarises financial sector supervisors worldwide with the recommendations of the Basel Committee on Banking Supervision, but also provides practical training for senior participants.

 

Cooperation with regional central bank groupings also helps to make information about BIS activities more widely known. This cooperation takes the form of participation in meetings by regional central bank groups and the organisation of ad hoc joint meetings or workshops.

 

Banking services for central banks


The BIS offers a wide range of financial services to assist central banks and other official monetary institutions in the management of their foreign reserves. Some 140 customers, including various international financial institutions, currently make use of these services. BIS financial services are provided out of two linked trading rooms: one at its Basel head office and one at its office in Hong Kong SAR.

 

It all seems to be working so well...  /s

Tue, 06/05/2012 - 08:48 | 2495380 GubbermintWorker
GubbermintWorker's picture

Yes, not a very intelligent thing to do.

Tue, 06/05/2012 - 08:48 | 2495381 LULZBank
LULZBank's picture

Every ounce bought was willingly sold by someone else...

How about we go to some of those Cash 4 Gold shops spawing across the globe and do a survey?

Along with a general IQ test and a test of history and understanding of economy and financial affairs, while we are at it?

Tue, 06/05/2012 - 09:21 | 2495538 prole
prole's picture

You will find those savvy operators buying the gold, actually don't care about AU, they just flip it for a quick buck in NY. Those selling their gold at a loss, there you will find stupidity in abundance

Tue, 06/05/2012 - 09:52 | 2495675 Oldrepublic
Oldrepublic's picture

http://www.cbsnews.com/8301-505268_162-57443433/major-gold-buyer-cheatin...

HL Mencken was right:

Nobody ever went broke underestimating the intelligence of the American public!

Tue, 06/05/2012 - 10:30 | 2495798 prole
prole's picture

Your article confirms what I said. Shameless Boiler-room con-artists using every manner of ruse/lie/trick to remove gold from idiotic, stupid, helpless sheople at (back of napkin math here....) $50 US per ounce. paying these human legumes $50 dollars per ounce for their gold.

It is not illegal, it is just the intersection of very clever (ruthless IMO) opportunists and mind-numbingly stupid gold owners meeting and the results are pretty much pre0ordained. (This is for gold jewelry, the weight/gold content is more subjective and open to trickery than with coins and bars, people owning gold coins and such generally aren't so dumb)

If a gold seller indicates an IQ of over 50 the offer goes up to $900 per ounce and they can pretend to negrotiate around that value, but nobody leaves that "roadshow" without getting ripped off, ever. (unless they decline to sell and keep their precious) and if it leaves their hand to go in the back room for "testing", something probably got switched

I can only guess I got a red arrow from someone who doesn't want me talking about this. Most places are not as bad as these legal theives, most places just start with offering sheeple 900 per ounce for their gold and go from there

Tue, 06/05/2012 - 09:24 | 2495562 The Swedish Chef
The Swedish Chef's picture

Isn´t that true about anything? An equity goes up=a willing buyer and a willing seller. Real estate goes up=a willing buyer and a willing seller.

 

 

Tue, 06/05/2012 - 08:42 | 2495362 Jim in MN
Jim in MN's picture

Maybe the Iranians will announce a gold-backed currency and drink everyone's milkshake.  They are, you know, savvy....

Tue, 06/05/2012 - 09:36 | 2495579 lakecity55
lakecity55's picture

Behind the scenes, Iran acquiring gold is a threat to TPTB.

If they switch to a GB currency, the anger of TPTB would result in a renewed frenzy of disinformation that Iran is out to "take over the world" or some such nonsense.

Threatening the Banksters means attack by the Zionist/Anglo-American NATO forces. I bet they intensify their AQ mercenary attacks on Syria.

NATO tried to claim last week that 100+ people were killed by Syrian forces' shelling, but independent observers reported the victims were shot at close range (by the AQ thugs, presumably). AQ are the go-to guys when you need to get rid of Libya's threat to use gold, or the Syrians refusal to kiss The Ring. And, I wonder where all that sovereign Libyan gold got off to?

Pepe Escobar is right: the road to Iran leads thru Syria.

 

http://www.voltairenet.org/Syria-Vladimir-Putin-contemplates

Tue, 06/05/2012 - 09:49 | 2495662 Estrella
Estrella's picture

I agree. The two other countries to have attempted to sell old in other then dollars were Iraq and Libya. The problem with Iran is that their customer will soon be China. That war is still a few years off.

Tue, 06/05/2012 - 09:17 | 2495367 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

The U.S. will spin this as "continued acts of war" by Iran.

Tue, 06/05/2012 - 08:48 | 2495382 HurricaneSeason
HurricaneSeason's picture

Long tungsten.

Tue, 06/05/2012 - 08:55 | 2495419 ITrustMyGut
ITrustMyGut's picture

roflz... 'zactly! haha

Tue, 06/05/2012 - 08:51 | 2495395 aphlaque_duck
aphlaque_duck's picture

Keep and eye on the gold/silver ratio bitchez. It is up to 57 now and probably going higher still. If you have gold this is probably a good time to trade it for silver.

Tue, 06/05/2012 - 13:10 | 2496357 lemonobrien
lemonobrien's picture

are you fucking nuts? instead of trading GOLD for silver, more like buying a little silver maybe.

Tue, 06/05/2012 - 08:53 | 2495406 BandGap
BandGap's picture

I do not think it is a coincidence that President Asshat let the Iranians (and the Chinese, Russians and anyone else who will listen) that the US was using cyber attacks against Iran.

Tue, 06/05/2012 - 08:54 | 2495415 q99x2
q99x2's picture

Golden shawers.

Tue, 06/05/2012 - 09:03 | 2495444 sudzee
sudzee's picture

I'm gettin a little uncomfortable about my lifetime accumulation of physical $1 bills. They seem so minute in value compared to the million, billion and trillion dollar electronic chits created by CB's. CB's can create, in a few minutes, the same "value" as all the gold and silver ever mined in the history of man. Yes, billion dollar electronic chits, certainly make me uncomfortable with my lowly $1 bills. I guess workin for a livin just don't pay anymore. 

Tue, 06/05/2012 - 09:01 | 2495447 Max Cynical
Max Cynical's picture

I'm such a skeptic, I have a hard time believing these kind of reports...

What's the origin of this type of data? Is it self reported by the Iranians? By turkey? Who benefits by pumping the number? Why would Turkey unload $1.2B of precious metals? Could this transaction really be just $1.2M? If this report is accurate, why doesn't the spot price reflect this level of demand?

Tue, 06/05/2012 - 09:08 | 2495470 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

Woa, their almost treating gold like money.

Real money.

The kind thats known throughout human history,by the Gods, for beauty and mostly for POWER.

Only gold & silver gives you that! 

What does Iran know that BB does not know???

The value of real gold money...

Tue, 06/05/2012 - 09:19 | 2495527 francis_sawyer
francis_sawyer's picture

I can just see, in 1,000 years, some archaeologist is going to dig up an old suitcase full of FRN's & say... I'm RICH I'M RICH!

(They'll probably even do a Bugs Bunny episode out of it)...

Tue, 06/05/2012 - 09:38 | 2495609 lakecity55
lakecity55's picture

What's up, Doc?

Tue, 06/05/2012 - 09:12 | 2495487 disabledvet
disabledvet's picture

I hear there's a Turkish Army following it.

Tue, 06/05/2012 - 09:22 | 2495546 JOYFUL
JOYFUL's picture

This pretty much confirms that there must have been a major struggle for the helm of the S.S. Zerohedge...this was news  4 weeks ago, at which time I posted this comment  =  http://www.zerohedge.com/news/turkey-exports-%E2%80%9Cmassive-quantities.......and waited for a response....

zero.

Then yesterday, the dam burst, we got the Germany as isreals' bitch story outta the way...and now this....well, better late than never!

zero.............is back!!!!!!!

I feared for a while yu guys had gone the way of veteran's today, and other victims' of sionist takeover putsch politics...but yu made it through!

At last, I get to say it agin.....

ZeroHedge...voice of the authentic resistance!...

umm, Ok, I'll take the Tshirt now...they gonna luve it in downtown Tehran! Like the man at SDT says...those Iranian chick are hot!

Tue, 06/05/2012 - 09:23 | 2495551 The Swedish Chef
The Swedish Chef's picture

Too bad fundamentals doesn´t matter... 

Tue, 06/05/2012 - 09:58 | 2495698 eddiebe
eddiebe's picture

Another reason for the 'Great Satan' to bomb them into submission to take their oil and their gold, along with squelching any movements towards a hint of links of monetizing gold. Of course the official reason will be suspected weapons of mass destruction.

Tue, 06/05/2012 - 10:37 | 2495834 Bansters-in-my-...
Bansters-in-my- feces's picture

Fuck YOU Bernanke.

Tue, 06/05/2012 - 13:03 | 2496340 lemonobrien
lemonobrien's picture

i think someone is buying oil with gold, pearls, and coins...

Tue, 06/05/2012 - 15:16 | 2496981 SovereignSilver
SovereignSilver's picture

I don't understand why all these central banks are buying gold when the price is about to fall off a cliff. They must have missed the memo. 

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