Turkey Aims to Become Big Gold Producer

From Gold Money:

Turkey is one of the Eurasian countries with great expectations about increasing gold production. According to experts, Turkey has 23 million troy ounces of the yellow stuff waiting to be mined. The Turkish government is subsidising gold production in the hope of encouraging further growth in the sector. Last week the Canadian mining company Wardell Armstrong announced the discovery of 31 tonnes-worth of gold in the province of Kayseri.

Many Turks are culturally predisposed towards buying gold, as is true of citizens of other Asian countries. The serious devaluation of the Turkish lira in recent decades has also acted as an impetus; in 2011 alone the lira lost 23% against the US dollar – and far more against gold. Little surprise then that the market for gold bars, coins and jewellery is thriving, with the country’s precious metals businesses experience an unparalleled boom.

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