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Turkish Gold Exports To Iran Resume
Turkish Gold Exports To Iran Resume - Jerusalem Prayer TeamDespite sanctions prohibiting such sales, Turkey exported nearly $120 million in gold to Iran in February. The volume of gold exchanged suggests trading for natural gas has resumed, although at levels below 2012’s peak levels. Turkey’s monthly gold sales to Iran peaked last July at $1.8 billion. The U.S. has given Turkey a six-month exemption on trading with Iran – due to expire in July – but banks and dealers are still being cautious.

"Due to the sanctions, nobody wants to attract attention,” says one Istanbul gold trader who asked not to be identified "That may be the reason why exports stopped to Iran in January. However, trade with Iran continues; there will always be transfers. Looking at this year’s figures, the February exports to Iran are quite low, so it shouldn’t cause issues,” he added.

Turkey – Iran’s biggest natural gas customer – has been paying the Islamic Republic for energy imports with Turkish lira, because sanctions bar them from paying in dollars or euros. Iranians than use the lira to buy gold in Turkey which couriers hand carry in luggage to Dubai where it is then sold for foreign currency or shipped directly to Iran.

Western nations have slapped economic sanctions on Iran over Tehran’s nuclear enrichment program, which Tehran claims is solely for civilian energy purposes. Western experts say the refined uranium is a fissile concentration that is a relatively short technical step from the level suitable for the production of atomic weapons.

Economists say Iran’s pursuit of gold for energy shows economic sanctions are hurting the Iranian economy. "This is very, very 19th century, taking gold around to manage your international sanctions,” says Djavad Salehi-Isfahani, a professor of economics at Virginia Polytechnic Institute. "It shows that Iran lost its ability to sell oil, get electronic credit and use that to buy other stuff.”

To read the original Jerusalem Post article, click here.

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Dr. Michael D. Evans is a #1 New York Times bestselling author, having penned numerous titles including nonfiction book Jimmy Carter: the Liberal Left and World Chaos, in which he compares the Obama and Carter presidencies; and Atomic Iran; and the fiction book, The Samson OptionGame Changer; and his newest titles Persia: The Final Jihad,  Living in Favor of God (FOG)The LocketLiving Fear Free7DaysThe CandidateThe Final GenerationCursedThe Light, and The Protocols. His latest release is The Revolution which is about democracy, dictators, deception and the birthing of a Caliphate. Evans' books are available at www.TimeWorthybooks.com. You can read his full biography on Wikipedia. Dr. Evans also runs the news site JerusalemWorldNews where you can receive current intel on Israel and the Middle East.