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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Turkey to merge Gold exchanges with ISE

According to ISE, the merger of the stock market with Gold Exchange and Derivatives Exchange will formally take effect in June.

 

ANKARA(BullionStreet) : After country's gold trade with Iran almost ended with tougher sanctions around, Turkey is planning to make it's capital a major regional financial centre.

 

As part of the move, Turkey's Istanbul Stock Exchange is to merge with the country's gold and derivatives exchanges ahead of a plan to privatize the bourse.

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LBMA,IGE urged to end Iran-Turkey Gold trade

The trade of Turkish gold for Iranian crude oil is enabling the Iranian regime to evade sanctions and continue funding its nuclear program.

 

NEW YORK(BullionStreet): Turkey is facing more pressure from global communities to end it's gold-for-gas dealings with Iran.

 

The latest to join the fray is United Against Nuclear Iran (UANI), which launched its Turkey gold campaign, and called on both the London Bullion Market Association (LBMA) and Istanbul Gold Exchange (IGE) to enact new measures to combat illicit barter agreements, where Iranian crude oil is being exchanged for Turkish gold.

 

Specifically, UANI is calling for the LBMA to require all of its members, particularly the IGE, to certify that the recipient of their gold products is not Iran. The LBMA should revoke the membership of any member that is unable to do so. ...

Hal's insight:

The battle continues.

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Turkey sees no immediate end to Iran Gold flow

Turkey sees no immediate end to Iran Gold flow | Gold and What Moves it. | Scoop.it
Iranians buy gold in Turkey, and couriers carry bullion worth millions of dollars in hand luggage to Dubai, where it can be sold for foreign currency or shipped to Iran.

 

ANKARA(BullionStreet): Turkey denied any direct gold exports to Iran but said private firms were responsible for gold flow to the Islamic Republic.

 

According to Turkish Economy minister Zafer Cagalyan, US sanctions is not applicable to Turkey and to Turkish private firms. He said private firms from even the US and UK were involved in gold trade to Iran.

 

US continued it's efforts to block gold sale to Iran and persuaded the UAE last month to end providing safe routes to Iran.

 

Since then, trade in Turkish gold bars to Iran via Dubai is drying up as banks and dealers increasingly refuse to buy the bullion to avoid ...

Hal's insight:

Effects of the on going currency war.

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