What Is Iran Doing With All That Gold?
You can read the details in Citi’s research note, but I think the most interesting parts of yesterday’s May trade statistics are gold exports, exports to Iran and gold exports to Iran:
Turkey exported $1.66bn to Iran in May (total exports were $13.17bn). While the figure represents a 513.2 percent yoy increase, $1.39bn of the exports to Iran were gold (84 percent). Of the $4.02bn gold exports year-to-date, $3.08 were to Iran. So you may be wondering why Turkey is exporting so much gold to Iran. But an article in Turkish daily Milliyet suggest this is not the right question. According to the piece, which is quoting Turkish brokerage firm Intergral Securities, it is Iran that is doing the buying. I tried to find Iran’s gold imports, but no luck…
Need to burn some brain cells on this. In the meantime, any comments are more than welcome…
9 Responses to “What Is Iran Doing With All That Gold?”
Probably because of this
Probably because of this: http://www.tehrantimes.com/economy-and-business/9…
the other important question is where is Turkey getting all the gold from to export to Iran. Turkey's gold imports as well as exports have shot way up and are definitely distorting the trade balance. yet another way in which Turkeys exports are reliant on Turkey's imports 🙂
@ Diego: I think you are right. Here's a friend who follows Iran well told me via emai: "Hi Emre
I know that Iran has increased gold import since 2008, I have the numbers, apparently they try to pay for their imports by gold, just because of sanctions the bank transactions are very limited (to and from Iran) "
@reziemba: Good point! We import from God knows where, export to Iran. Kind of helping Iran violate the trade sanctions in the process:)….
This is the best article I have found on the subject:
Don't forget that their dollar holdings have been frozen because of their nuclear program.
Exactly (on the frozen)… Thanks for the links…
Maybe the government and their defacto camps are hoarding gold. It happened with a lot of regimes. gold buyers long island
So I guess gold buyer roane county will be partnering with another country now. They haven't reeached any qouta yet but I think we can have our supplies from them
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