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Record Turkish gold production is all headed for the central bank
By Ercan Ersoy
Bloomberg News
Monday, August 24, 2020
Turkey is poised to produce a record amount of gold this year and the central bank will probably buy all of it -- at prices near record highs.
Production by one of the world's top buyers of the precious metal is expected to increase 16% to 44 tons this year, Hasan Yucel, the head of Turkey's Gold Miners Association, said in an interview.
... Dispatch continues below ...
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Legislation introduced in 2017 gives the central bank the right of first refusal to purchase gold mined in the country at prevailing market prices. The value of its gold reserves surged to an all-time high in the week through Aug. 7, only to drop 5% a week later, the biggest decline in five months. That effectively mirrored the moves in market prices over the same period.
"The central bank has always been our only buyer since the legislation was changed," Yucel said, predicting that the trend is unlikely to change this year.
The value of the central bank's stockpiles have surged even as it ran down foreign-exchange reserves to an almost 15-year low to support its weakening currency. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-08-24/turkey-s-record-gold-...
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