The World Gold Council is a leading authority on gold and its uses. Our research provides comprehensive analysis of the industry, giving decision makers and stakeholders the information they need to understand the dynamic drivers of the gold market.
Published 22nd January 2015
Turkey has a long tradition of gold demand; we expect this to continue. Turkey’s relationship with gold is underpinned by a deep cultural heritage. In the jewellery fabrication industry it is a medium of exchange and a unit of account: in the Grand Bazaar – the heart of Turkey’s gold market – rents are priced in gold. There is a strong economic incentive to own gold too. Generations of Turkish savers have turned to gold as an effective hedge against the ravages of inflation and currency weakness. Its gold mining industry is small, but growing quickly. Turkey has an expanding gold mining industry with significant untapped potential. Gold production has increased in almost every year since 2001, growing from 2t to 33.5 t in 2013. And this may be the tip of the iceberg: Turkey’s Ministry of Energy & Natural Resources estimate gold reserves to be 840t. Gold’s value chain makes a significant contribution to Turkey’s economy. In 2012 alone, gold fabrication, consumption and recycling added at least US$3.8bn to Turkey’s economy. The value chain supports 5,000 gold fabricators, 35,000 retail outlets and employs about 250,000 people. Gold is a small but important cog in Turkey’s financial system. By the end of 2013, commercial banks held around 250t, equivalent to US$10.4bn, which had been put to work supporting Turkey’s economy. Most of this was from investors switching Turkish lira and foreign currency into gold accounts. But it also includes 40t - about US$1.7bn - of Turkey’s “under-the-pillow” stock, which has been mobilised since mid-2012.  Fabrication demand is the first transformation of gold bullion into a semi-finished or finished product.  Unless specified we use the average price for H1 2014 of US$1,291 per ounce when calculating values.
Research archive: showing 1-10 of 457 documents
Published 26th January 2015
Excel file of gold price charts and data - Updated weekly in 19 currencies: US dollar, Euro, Japanese yen, Pound sterling, Canadian dollar, Swiss franc, Indian rupee, Chinese renminbi, Turkish lira, Saudi riyal, Indonesian rupiah, UAE dirham, Thai baht, Vietnamese dong, Egyptian pound, Korean won, Russian ruble, South African rand, Australian dollar.
Published 9th January 2015
Published 10th December 2014
Published 9th December 2014
This report highlights key policy recommendations to monetise India’s 22,000 tonnes of gold stocks kept by Indian households. Seven key recommendations are made for an effective ‘India Gold Policy’. The report also assesses the policies adopted in countries like Turkey and China; that have faced challenges similar to India and have devised public policies which have monetised the local stock of gold to positive effect.