Banks in Turkey continue to send gold to Iran despite U.S. pressure to curb a booming gold-for-gas trade, which helps Iran skirt international sanctions.
This month, Turkish customs grounded a Turkish cargo plane en route from Ghana to Iran that was reportedly carrying a ton-and-a-half of gold.
Tehran has been accumulating huge amounts of the precious metal over the past year as a means of circumventing ever-tightening international financial sanctions over its nuclear enrichment program, which some nations fear is being used to develop a nuclear weapons' capability.
Turkey continues to provide the lion’s share of Tehran's demand for gold, said Attila Yesilada, of the Istanbul-based research firm Global Source Partners.
"Gold sales [to Iran] have been diversified through Switzerland and Abu Dhabi, but the annualized total for last year is something like $11 billion, most of it financed through the gold stock of Turkish people," Yesilada said. "This gold has become Iran’s main currency in terms [of] securing necessities from abroad."
Beat The Fed
Golden Eagle Coins
Chameleon John Coupons
Calling for Contributors!Got something to say?
We want to hear from you.
Submit your article contributions and participate in the world's largest independent online news community today!