Gold: Turkey is hording new gold

Turkey’s official gold reserves rose another 27 tonnes in May. The gold share of the currency reserves also increased further.

 

Increasing reserves

The Turkish Central Bank (TCMB) published information on its currency reserves at the end of May 2020. The country’s total reserves at the time were $ 90.91 billion. This is equivalent to an increase of 5.3 percent or $ 4.57 billion compared to the previous month.

 

Turkey has booked more gold

Turkey’s gold reserves are estimated at 21.277 million ounces, the equivalent of 661.78 tons (previous month: 20.39 million ounces / 634.19 tons). So you have 887,000 ounces or 27.59 tons of gold more in the books than in the previous month. The value of gold at the time of reporting was $ 36.66 billion (previous month: $ 34.78 billion).

 

Gold share are also increasing

Turkish gold reserves increased by 32 tons in April. The booked metal also contains gold, which was deposited by Turkish commercial banks as security for central bank money. According to the TCMB, by definition these are “gold deposits and, if applicable, gold swaps”. The gold share of total reserves is 40.33 percent (previous month: 40 percent). In April it was 34 percent.