Iran depends heavily on Turkey for Gold

from Bullion Street:

Sanctions hit Iran is reported to have piling up gold reserves to face any eventuality and is depending heavily on neighbor Turkey for the purpose.

Iranians purchased $4.8 billion worth of gold in 2012′s second quarter, up from roughly $1 billion in the first quarter of the year.

Analysts said deteriorating Iranian economy, as a result of tightening international economic sanctions is seen as a key factor behind the surge in gold exports.

Turkey’s gold exports to Iran witnessed a surge this year raising questions whether the gold purchases are the latest attempt by Tehran to circumvent increasingly tough international sanctions.

The surge in gold exports also has been matched by a similarly impressive growth in Iranian businesses opening in Turkey.

Turkey’s total gold and precious stone exports have amounted in the first seven months of 2012 to nearly $8.9 billion, while the figure was only $1.8 billion in the same period last year.

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