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Jan Nieuwenhuijs: Turkish central bank sends gold back to London, likely to secure FX loans
By Jan Nieuwenhuijs
Gainsville Coins
Lutz, Florida
Tuesday, August 2, 2022
After having repatriated 104 tonnes from the Bank of England in 2018, the Central Bank of Turkey sent gold back to London in 2020 and 2021.
Amid economic turmoil that has been weakening the Turkish lira, the central bank is likely using its gold at Bank of England as collateral for foreign exchange loans.
Turkey's situation is reminiscent of Venezuela several years ago. ...
... Dispatch continues below ...
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Computing Turkey's net gold reserves is complicated, because since 2011 the central bank and the Turkish Treasury have launched several schemes to borrow gold, which all show up on the central bank's balance sheet.
Simplified, what I have done is take the tonnage "owned by the central bank" as reported in its annual report -- this excludes gold submitted by banks for reserve requirements and the treasury's gold -- and subtracted outstanding Turkish lira for gold swaps. ...
... For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/turkish-central-bank-sends-gold-to-london
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* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
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:
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