You are here

Turkey will strive to paperize 2,200 tonnes of gold in home savings

Section: Daily Dispatches

Treasury Sets Eye on 2,200 Tons of Gold ‘Kept under Mattresses'

From Hurriyet Daily News, Istanbul
Monday, September 18, 2017

ANKARA, Turkey -- The Turkish Treasury will issue two types of bonds to attract into the economy 2,200 tons of gold stashed under mattresses, which has a market value of around 300 billion Turkish Liras, Deputy Prime Minister Mehmet Simsek has said.

"The first issuance of gold bonds and the gold-based rent certificates will begin between Oct. 2 and 6 in an attempt to benefit the economy with the under-the-mattress gold of citizens, which is estimated to be almost 2,200 tons in total," Simsek said in a statement Sunday.

... Dispatch continues below ...


A Network of Bullion Dealers Who Bid for Your Business

With a SmartMetals® account from the Hard Assets Alliance, you're always guaranteed the lowest prices for gold, silver, platinum, and palladium. When you buy bullion through your account, the alliance's network of trusted precious metals dealers launches into action -- and you’ll be shown the lowest price for your purchase. Also amazing is the low-cost storage available to you in six non-bank vaults around the world.

Click here to learn more:

The deputy prime minister said today during an interview broadcast on Bloomberg HT and Habertürk that the issuance of gold price-linked bonds was not related to the Treasury's need for debt.

"The Treasury has no borrowing problem. We will dare this cost for the economy to run faster, to increase savings and solve resource problems as well as bring out the under-the-mattress savings into the economy," he said. ...

... For the remainder of the report:

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: