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Turkey's balancing act with scrap and bullion Gold

From www.bullionstreet.com - December 6, 2012 3:57 PM
Scrap gold that is imported from abroad and processed in Turkey is sent abroad and thus, contribute to Turkey's export.

 

ANKARA(BullionStreet): "Turkey remained the key player in scrap gold market as the country imported more scrap gold in November and planned to export most of it as gold bullion.

 

"According to Istanbul Gold Exchange, Turkish gold imports rose to 4.2 tonnes in November from 3.7 tonnes a month earlier. Gold imports in the first 11 months were 117.2 tonnes.

 

"In 2011 as a whole, imports amounted to 79.70 tonnes, almost doubling from 42.49 tonnes a year earlier. Turkey gold imports last November were 0.73 tonnes.

 

"Turkish gold refineries are well equipped to evaluate scrap gold as per a couple of international and domestic standards. Scrap gold that is imported from abroad and processed in Turkey is sent abroad and thus, contribute to Turkey’s export. ..."

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This Is About To Rock The Financial World

This Is About To Rock The Financial World | Gold and What Moves it. | Scoop.it
From kingworldnews.com - January 10, 12:58 PM

Eric King:  “Kevin, I know you’ve been communicating with many of the sovereign wealth funds overseas.  What are you hearing from them?”

 

Sprott Inc. President Bambrough:  “The burning question that I always have, I’m amazed at their ongoing willingness to continue to accumulate, and hold, such large amounts of US denominated bonds.  It’s been my view that they are basically playing a Ponzi scheme.

 

I’ve had that confirmed when I’ve had long discussions with different sovereign wealth funds and different government agencies around the world.  They’ve been willing to play this game, but more and more now, as their domestic economies have grown and the US portion of their exports becomes smaller, and with the amount of T-Bills that they have (already) accumulated, I believe they’ve reached the boiling point where they are really going to be unwilling to grow their reserves (of US Treasuries).

 

Just the process of not growing their reserves is going to be very disruptive.  If they are not willing to accumulate more T-Bills, this is going to force the trade deficit closed.  I think that is really going to rock the financial world at some point in the near future.

Hal's insight:

click over for the rest of the King World News. I've been wondering about this for some time mysefl, musing that once this begins to pick up steam around the globe that the fear will break out in DC. Pretty much because the emperor will be shown to have no clothes.

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