"ANKARA(BullionStreet): Excessive gold exports to Iran and slowdown in the economy were the main reasons behind Turkey’s trade deficit drop in June, according to Turkish Statistics Institute.
"Turkey’s trade deficit fell to $7.18 billion in June from $10.26 billion a year earlier.
"Turkey’s gold exports to Iran hit $1.3 billion in June, bringing the total gold exports so far in 2012 to $4.4 billion.
"The Turkish Statistics Institute said there were no findings suggesting gold exports to Iran were used as a tool for oil and gas payments, rejecting media speculation to that effect.
"Most of the gold export payments were made in cash, it said.
"Turkey, which imported around 200,000 barrels a day of Iranian crude in 2011, sharply reduced shipments earlier this year to win a waiver from U.S. sanctions that allows it to continue purchasing Iranian crude through the second half of 2012. Turkey also imports gas from Iran.
"Previously, gold sector officials said Iranians were turning to gold for savings and possibly trade as Western sanctions tighten to force Iran to curb its nuclear program. ..."
but I'm confused. i thought gold wasn't money according to Ben Bernanke?