Turkey Bails Out Iran with Gold (INN) ISRAEL NATIONAL NEWS) By Tzvi Ben Gedalyahu 05/09/12)
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Turkey is bailing out Iran and Arab Spring countries with huge
amounts of gold exports that have boosted its trade balance.
Iran and countries facing Arab Spring rebellions have bought hundreds
of millions of dollars worth of gold from Turkey as they try to
protect their wealth from depreciating currencies. The Iranian rial
has plummeted following tighter sanctions posed by the United States.
Turkey’s exports of gold, jewelry and precious metals to Iran jumped
last month by more than 35 times than in March 2011, reaching $480
million, according to statistics reported by Bloomberg.
Its balance of trade this year has improved by $4.3 billion, partly
due to the gold exports, a research company told Balkan.com.
Turkey’s assistance to Iran is in direct opposition to the Obama
administration’s efforts to punish the Iranian economy, dependent on
oil exports, until it cooperates with the United Nations and allow
full inspections of its nuclear facilities.
So far this year, Turkey has exported more than $1 billion in gold
and precious metals, and Bloomberg reported that an Istanbul Gold
Exchange official estimates the government has nearly 5,000 tons of
gold – worth $265 billion – “stashed under their pillows.”
(IsraelNationalNews © 2012 05/09/12)
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