Turkey 'Becoming Major Gold Exporter'

Source:

". . .the first two months of 2009 have seen the country's gold industry export a greater amount of the metal than. . .the entire first half of 2008."

The declining world economy has resulted in Turkey becoming a major exporter of gold, a new report has suggested.

According to a study by research firm GFMS, the recent rise in the amount of gold scrap being sold by consumers has caused the country to alter its approach to its supply chain for the precious metal.

The company noted that between 2003 and 2007 Turkey imported an average of 232 tonnes per year; however, the first two months of 2009 have seen the country's gold industry export a greater amount of the metal than it brought in during the entire first half of 2008.

"Much of the trade [has] switched from buying and distributing imported bars to exporting gold," the report stated, adding that the city of Istanbul has previously been the most favorable location for importing and refining 22-c bars.

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