Tyler Durden post to www.zerohedge.com
"... Gold deposits in Turkey have grown from 3.1 billion liras to 16 billion liras in the past year, Bloomberg reported on news reported in the daily Turkish newspaper Aksam which cited Denizbank AS gold banking group manager Cem Turgut Gelgor.
"According to the Turkish bank Denizbank, one of the largest in Turkey, it collected 1.5 tons of gold in 7 months.
Deposits have increased from 500 kg to over 6 tons or over 192,000 ounces (worth some €260 million) over an unspecified period.
"Kuveyt Turk Katilim Bankasi AS has added 3.8 tons of gold, Aksam quotes Kuveyt Turk product development group manager Mustafa Dereci as saying. Dereci said that Kuveyt Turk is providing new products such as “gold from the ATM.”
"The World Gold Council estimates that there are around 5,000 tons of gold remaining outside the financial system, gold which the Turkish people have prudently accumulated over the years as a store of wealth to protect from currency depreciation and debasement. ..."