Commodity Trade Mantra

Posts Tagged ‘Turkey’

Turkey's "200 Tons Of Secret Gold" Trade With Iran

Turkey’s Oil-for-Gold ‘deals’ included classic money-laundering techniques of over-invoicing & false invoicing. The network spanned Turkey, China, Dubai & Iran & the exposure of this scheme won’t slow Turkey’s manipulation. It’s trade balance continues to fluctuate unpredictably as gold stocks flow out of the country in bursts.

How Gold Helped Iran Avoid Defeat by the U.S.

Gold became Iran’s lifeline when the U.S. had inflicted a currency collapse, hyperinflation, a bank run and had caused a scarcity of food, gasoline and consumer goods, through the expedient of cutting Iran out of the global payments system. And so U.S. began stepping up enforcement of a ban on gold sales to Iran.

Russia Is Slowly Turning The NatGas Tap Off To Europe

Russia’s Natgas exports to Europe and Turkey, excl. former Soviet Union, declined to 405.3mcm as of March 22, according to Bloomberg calculations based on preliminary data from Energy Ministry’s CDU-TEK unit. Average daily exports to the region were ~457mcm in March, lower than year earlier.

All Eyes On Gold And China When Silver Could Be The Tipping Point

There’s a growing sense that silver, so often overshadowed by gold, may be key for when PMs begin to rally in earnest. While all focus is primarily on gold, silver is not in as strong a position as gold & it may be a truer roadmap for when the eventual bull market emerges, at some point in the future.

Why Some Emerging Markets Are Heading for a Economic Bust

A tighter monetary stance undermines the rate of growth of money supply and thus weakens support for various bubble activities. This sets an economic bust in motion. The main reason for the tighter stance was a sharp decline in exchange rate of domestic currencies against the US dollar.

European Banks have $3 Trillion of Exposure to Emerging Markets

European banks have loaned in excess of $3 trillion to emerging markets, more than four times U.S. lenders, putting them at greater risk if financial market turmoil in countries such as Turkey, Brazil, India & South Africa intensifies. Europe’s banks have about 12% of their assets in emerging markets.

Collapsing Currencies and the Rot of Epic Mispricing

Nobody is able to turn back the plummeting currencies. They go where they will and their failures must be infectious as the greater engine of world trade seizes up. Who will write the letters of credit that make international commerce possible? Who will trust whom?

Emerging Markets, Interest Rates and Tapering

Having added unprecedented amounts of liquidity into its own economy through QE, the Fed is now reducing the pace of its expansion of narrow money. This is bad news for emerging market countries, who will surely conclude that international monetary co-operation has broken down.

Who Are The Biggest Losers From The Emerging Market Crisis?

Markets won’t be calmed until there is clear evidence the current account deficits in EM nations improve. But how can these adjustments happen? Current accounts are a zero sum game, so future improvements in emerging market trade balances have to come at someone else’s expense.

Emerging Market FX: The Straw That Broke The Carry-Trade's Back

FX Market positioning has played a major role in the significant volatile moves seen in the past week as market volatility appears to have been the straw that broke the carry-trade’s back – for now… as Emerging Market currency returns have notably decoupled from moves in US rates.

Turkey’s Gold Imports In 2013 May Surpass Record Over 269.5 Tonnes

Turkey’s gold imports jumped more than threefold in October to 15.98 metric tons, from 4.8 tons in September, the highest since July – Turkey has already imported 251.4 metric tonnes in 2013, year to date, very close to surpass the record import of 269.5 tonnes in 2005.

An Open Letter To The World Gold Council - Eric Sprott

While demand for physical gold remains extremely strong, prices on the COMEX have fallen precipitously. This contradictory situation is an important obstacle to a healthy gold mining industry – Supply & demand imbalance is not reflected on misleading statistics.

Gold Investment And The Real Change To Watch For

After more than a decade of positive returns, many investors have abandoned their precious metals positions. The conventional wisdom says that gold is ‘finished’. After all, the dollar price is falling… so it must be a bad ‘investment’. OR is it?

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