Turkey - Iran could obtain access to $1.5 billion in revenue from trade in gold and metals.

Turkey - Iran could obtain access to $1.5 billion in revenue from trade in gold and metals.(HD).

Turkey’s gold imports have surged to their highest on record so far this year after a hefty drop in bullion prices, with further progress signposted if restrictions on trade with Iran are formally eased.

Turkey imported 270.7 tons of gold in the first 11 months of the year, data from Borsa Istanbul showed, more than double 2012’s full-year imports of 120.8 tons. The rise stemmed chiefly from this year’s sharp drop in gold prices, which have fallen 26 percent since December 2012 after 12 straight years of gains.
As well as the price outlook, further growth in imports next year will depend in part on how far Iranian demand for gold from Turkey picks up, Alexander said, after the trade tailed off this year due to U.S. sanctions.

Iran could obtain access to $1.5 billion in revenue from trade in gold and metals under the terms of an interim deal agreed last month in Geneva between Iran and six world powers. Turkey’s gold trade with Iran boomed in 2012 when Ankara was paying for its natural gas and oil imports with Turkish lira, and Iranians were using those deposits held in Turkey’s Halkbank to buy gold.
Hmmm......Turkey imported 270.7 tons of gold in the first 11 months of the year, data from Borsa Istanbul showed, more than double 2012’s full-year imports of 120.8 tons......Sanctions that Benefit?As i said many times before TURKEY IS IRAN'S LIFELINE THANKS TO THE OBAMA ADMIN!

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In December 2012 Washington passed a new package of anti-Iranian sanctions which came into effect in mid-2013. Among the new sanctions was a ban on using gold in transactions with Iranian individuals or corporations; this ban is extraterritorial in nature. It is unlikely that this ban will be effective; monitoring transactions with gold is as difficult as finding a needle in a haystack. Washington is following the gold trade between Iran and Turkey especially closely. According to Ayhan Guner, Chairman of Turkey's Jewelry Exporters' Association, Washington's appeals to Ankara to stop shipments of gold to Iran have no basis. And even if the Turkish government were to listen to them, Turkish entrepreneurs would still find ways to develop their trade with Iran.

"Sanctions that Benefit" - Iran buys Turkish gold via UAE, economists say.