Turkey’s 2013 gold and silver imports skyrocket
Turkey has been making headlines for its bubbling appetite for gold and silver.
According to Turkey’s Hurriyet Daily News, the country imported more gold in 2013 than ever before on record.
Meanwhile, silver imports in December reached their highest levels since at least 1999 and were 60% higher than in 2012, Bloomberg reported.
So what’s driving Turkey’s interest in precious metals?
For one, gold and silver prices just finished off their worst year in decades; silver lost about 36% while gold shed 28% as the US and global economies showed signs of improvement.
These lower prices boosted physical demand not just in Turkey but also in China where gold consumption reached record highs.
Source: http://classicvalueinvestors.com/i/2014/01/turkeys-2013-gold-and-silver-imports-skyrocket/
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