5,000 Tons Of Gold “Under The Mattress”

Osman Sarac of the Istanbul Gold Exchange, or IGE, has said, in response to questions on the rise of gold prices, Turkish people keep roughly 5,000 tons of gold worth 131,3 billion euros “under the mattress.”

Responding to questions on Turkeys under-the-mattress gold stock, Sarac said although gold’s monetary value disappeared following the foundation of the Republic, people have kept their habit of stashing gold.

The global gold stock is predicted to hit 163,000 tons in the future, Sarac said, adding that Turkeys privately kept gold stock constitutes 3% of the world’s total. Turkeys “under the mattress” gold stock forms a potential supply resource, Sarac said.

People holding gold assess their gold accumulation in accordance with their personal needs and can put the stocks into the market, he said.

In proportion to the country’s population, the predicted amount is calculated at around 70 grams per capita.

Source: ANSAmed

Foreign buyers ‘investing in Turkey’

Investors with property in Turkey are managing to escape the worst effects of the global economic crisis, it has been claimed.

Turkish newspaper Hurriyet reports that many people in Europe now view the country as a safer alternative to the volatile property markets of traditional investment destinations.

Muslum Yildirim of Turkish real estate foundation Kusemder told the publication that the economic downturn has actually boosted demand for property purchases in some areas of the country.

“Despite the crisis, those who have money invest in Turkish property … The crisis is deepening in Europe and that will increase demand in Turkey,” he explained.

Mr Yildirim also suggested that the lower cost of living available in Turkey may be attracting more retirees to invest in property there.

Estimating that the average pensioner will have a budget on “1,000 euros per month”, he said: “It is hard to live on this money in Europe while it is quite a big amount in Turkey’s economic conditions.”

Turkey was recently described as “an incredibly exciting market” for property investors by Shelter Offshore.

Source–www.ready2invest.co.uk

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