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Turkish gold sales to Iran soar as sanctions bite

Reuters -- Turkish gold sales to Iran in March soared over 30 times and gold companies said Iranians were turning to gold for savings and possibly trade as Western sanctions tighten.

"It wouldn't be wrong to say Iran chooses Turkey for gold imports because of embargoes," said Gokhan Aksu, vice chairman of Istanbul Gold Refinery, one of Turkey's biggest gold firms.

"Some payments may be made in gold because of problems in transferring money to Iran," he said. "For the most part, I think gold may be replacing money transfers in trade with Iran."

Dubai is also an important centre for Iranian gold buyers.

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Submitted May 19, 2012 By: dhdiesel

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DrCashFlow Champion Author Massachusetts Posts:7,074 Points:1,628,200 Joined:Jun 2008	Message Posted: May 21, 2012 3:27:11 AM Ignore DrCashFlow Report Abuse This trend will spread to many countries
Amplion Champion Author Oregon Posts:6,772 Points:1,866,035 Joined:Sep 2005	Message Posted: May 20, 2012 3:10:04 PM Ignore Amplion Report Abuse BETTER TO HAVE GOLD THAN PAPER !!!!!
Metrolizer Champion Author Fort Worth Posts:2,015 Points:2,209,355 Joined:Feb 2005	Message Posted: May 20, 2012 8:28:21 AM Ignore Metrolizer Report Abuse Sanctions certainly hurt those who apply them. Failure of these sanctions to prevent more drastic measures may hurt Iran even more.
ExplorerWA Champion Author Washington Posts:4,084 Points:798,145 Joined:Feb 2011	Message Posted: May 19, 2012 10:58:30 PM Ignore ExplorerWA Report Abuse I don't think the sanctions are hurting Iran.
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: May 19, 2012 5:42:13 PM Ignore dhdiesel Report Abuse The Reuters article doesn't say what Iran used to buy the Turkish gold. (too lazy to ask or omitted on purpose)? From ZeroHedge dot com - May 08, '12: While Turkey has assured the U.S. government it will cut purchases of oil from Iran by 20% this year, its total trade with the Islamic Republic increased 47% to $4.8 billion in the first quarter from a year earlier. The increase in trade with Iran comes as sanctions make it harder for trading partners such as Turkey, India and China to pay in dollars and euros. While Turkey has agreed to cut oil imports from Iran, its officials have said they aren’t bound to abide by broader sanctions imposed by the U.S. and European Union, which are stricter than those from the United Nations. The economic cost of sanctions is “borne by Turkey,” not just by Iran, Economy Minister Zafer Caglayan recently said. [So true. And China, India, Japan and other countries.] Iran supplies about 40% of Turkey’s oil, making it the largest single source for the fuel.... [Edited by: dhdiesel at 5/19/2012 6:42:45 PM EST]
StArrow68 Champion Author Oakland Posts:3,260 Points:1,362,155 Joined:Apr 2003	Message Posted: May 19, 2012 5:10:24 PM Ignore StArrow68 Report Abuse So after taking, what in return, do you do with Iranian currency? Why would anyone be willing to give up gold to buyers in Iran unless there is a stash of solid currency available from private buyers?
HorizonChaser Champion Author Montgomery Posts:1,989 Points:456,785 Joined:Dec 2011	Message Posted: May 19, 2012 4:19:59 PM Ignore HorizonChaser Report Abuse Why don't we buy Turkish gold so that they don't want to do b'ness w/Iran?
aquarinut Champion Author British Columbia Posts:1,628 Points:436,855 Joined:Jul 2011	Message Posted: May 19, 2012 3:37:17 PM Ignore aquarinut Report Abuse Sanctions only work if they are unanimous and only last for a short period, otherwise they can drag out for years and the end result is mediocre at best.
TripleHs Champion Author Austin Posts:3,355 Points:918,090 Joined:Oct 2009	Message Posted: May 19, 2012 3:32:20 PM Ignore TripleHs Report Abuse no surprise
TableTalk Champion Author Virginia Posts:1,184 Points:557,950 Joined:Nov 2008	Message Posted: May 19, 2012 3:24:29 PM Ignore TableTalk Report Abuse Love that Gold. The universal money.
playtimeCLE Champion Author Cleveland Posts:8,565 Points:1,545,350 Joined:Nov 2008	Message Posted: May 19, 2012 3:19:58 PM Ignore playtimeCLE Report Abuse Turkey needs oil just like the rest of us and it seems they don't care to play along with the sanctions.
1tallford Sophomore Author Rhode Island Posts:128 Points:22,225 Joined:Aug 2011	Message Posted: May 19, 2012 3:12:02 PM Ignore 1tallford Report Abuse Is there a gas relationship here?
doggod Champion Author Anchorage Posts:2,853 Points:742,335 Joined:May 2009	Message Posted: May 19, 2012 1:31:46 PM Ignore doggod Report Abuse How ironic if Iran ends up at the top of the heap of gold ownership when the world's fiat currencies finally tank on account of their inherent worthlessness. And all on account of the sanctions. With enemies like us, I don't think Iran needs any friends.
lebrc64 Rookie Author New York Posts:45 Points:14,745 Joined:May 2012	Message Posted: May 19, 2012 1:23:48 PM Ignore lebrc64 Report Abuse snactions could do some good things for prices and for peace on this chaotic planet.
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: May 19, 2012 1:01:54 PM Ignore dhdiesel Report Abuse Goatroper, hostilities/sanctions with Iran have a direct influence on global oil prices as does the value of the USD as the global reserve curency... just sayin'
Goatroper Champion Author Dallas Posts:6,604 Points:1,295,435 Joined:Apr 2004	Message Posted: May 19, 2012 12:56:22 PM Ignore Goatroper Report Abuse Not a direct connection to gas prices....maybe a stretch
BUSMAN1105 Champion Author Atlanta Posts:2,164 Points:1,171,935 Joined:Aug 2008	Message Posted: May 19, 2012 12:44:53 PM Ignore BUSMAN1105 Report Abuse STOP DOING THAT TURKEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: May 19, 2012 12:36:04 PM Ignore dhdiesel Report Abuse If China and Russia continue to sell arms to Iran, using instead gold, to bypass the U.S. SWIFT system, would the U.S. start an economic war with them using the SWIFT system as well? Will other Asian and Middle Eastern nations see gold as money free of Western economic interference? The implications of using the SWIFT system as a tool of economic war are huge if the geniuses in D.C. aren't careful. [Edited by: dhdiesel at 5/19/2012 1:40:29 PM EST]
Barfood Champion Author St. Louis Posts:3,306 Points:1,018,655 Joined:Jun 2009	Message Posted: May 19, 2012 12:21:57 PM Ignore Barfood Report Abuse Ah bartering is alive & well.
BuckyTJones Champion Author Salt Lake City Posts:4,932 Points:967,950 Joined:Mar 2010	Message Posted: May 19, 2012 12:12:20 PM Ignore BuckyTJones Report Abuse Neighbors just being neighbors. Please look the other way while we play both sides of the street, as we always have. If I am not mistaken the French and Germans broke sanctions when dealing with Saddam Hussein.
portlandcat Champion Author Tennessee Posts:1,918 Points:346,210 Joined:Apr 2011	Message Posted: May 19, 2012 11:59:38 AM Ignore portlandcat Report Abuse ok
dave27johnson Champion Author Chicago Posts:1,788 Points:409,345 Joined:Feb 2012	Message Posted: May 19, 2012 11:57:06 AM Ignore dave27johnson Report Abuse Another sign that sanctions are hurting Iran.
dhdiesel Veteran Author Riverside Posts:400 Points:44,800 Joined:Feb 2012	Message Posted: May 19, 2012 11:53:44 AM Ignore dhdiesel Report Abuse How many countries will continue trade with Iran, using their own currencies or gold to bypass the U.S. SWIFT system? How will this begin to affect the U.S. dollar as the global reserve curency? Will the use of the SWIFT system as a nuclear economic weapon backfire on an already unstable, debt-ridden U.S. dollar? [Edited by: dhdiesel at 5/19/2012 12:56:36 PM EST]
humblepie Champion Author Toledo Posts:34,271 Points:2,372,345 Joined:Mar 2006	Message Posted: May 19, 2012 11:53:36 AM Ignore humblepie Report Abuse sanctions have NEVER worked, and this is one reason why