Record 2016 Gold Import Numbers

In December 2016 gold import by the Istanbul Stock Exchange Precious Metals Market has been increased by 688 percent compared to December 2015. The import of 36,7 tons is recorded as the highest import amount since 1995, the establishment of Istanbul Stock Exchange Precious Metals Market.

 

The gold import had 118 percent increase in the year of 2016 as a whole. Total of 106,2 tons of gold was imported within the year of 2016.

 

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Financial analyst Islam Memis stated that the gold import increase in December 2016 was expected and this shows that Turkish people trusts gold more than foreign currency. He also said that they expect an increase in production at Royal Mint in 2017 because the gold price per gram will decrease.

 

The rise of the gold import numbers is also associated with President Recep Tayyip Erdogan’s call for buying TRY and gold instead of foreign currency. Gold and finance specialist Mehmet Ali Yildirimturk said that gold demand was not high before the last quarter of 2016 because of the stagnation in the market, especially in the real estate sector. But the social and geopolitical issues has been guiding the people toward gold and this caused a record number at gold import.

It can be seen in the yearly data of gold import that the import amounts starts to radically increase in September, right after the call of Erdogan and geopolitical problems.

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    fatma Written by:

    Fatma Şahin fatmasahin@istanbulinvestments.com

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