Gold: Remonetization of gold assets continues in Turkey

February 14, 2013

Dick's note:   "For some time now, Turkey has been encouraging its gold-hoarders to deposit their bullion at the local bank, like cash. The deposits pay interest, can be converted to cash, borrowed against, and so on. Convenient for depositors. Plus, the banks can use the gold to bolster their balance sheets. I see North American banks following suit."

(Reuters - "Turkey's gold fever finds new focus in banks") The country's commercial banks are pouring their technical expertise and marketing resources into offering their customers gold deposit accounts. Customers hand their gold to a bank and can make withdrawals from their accounts in gold bars or the lira currency; the accounts offer interest rates that are substantially lower than those on normal time deposits. Gold deposit accounts have been growing around the world, but Turkey's boom has made it a leader in the trend...

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