BullionStar News
Writers Torgny Persson, Koos Jansen
& Hong Kang See

Turkey and Russia Highlight Gold’s Role as a Strategically Important Asset

Wednesday the 25th of April 2018
On 17 April, Turkish news publication Ahval published a report stating that during 2017, Turkey withdrew 26.8 tonnes of gold that it had stored in the vaults of the New York Federal Reserve, and moved this gold under the custodianship of the Bank of England and the Bank for International Settlements (BIS).

The source of the Ahval report was a Turkish language article from the popular Hürriyet newspaper in Turkey. According to the Hürriyet report, also dated 17 April, which reported on the latest annual report of the Turkish Central Bank (Türkiye Cumhuriyet Merkez Bankası), Turkey's central bank increased its gold holdings by 83.3 tonnes during 2017, 37.7 tonnes of which it purchased in the gold trading market of Borsa Istanbul, Turkey's securities and precious metals exchange.

But of most interest, according to Hürriyet, was that the Turkish central bank also withdrew 28.6 tonnes of gold from the New York Federal Reserve in what it called a 'complete reset', implying that this 28.6 tonnes of gold was the total gold holding that the Turkish central bank stored with the New York Fed at that time. The gold withdrawn from the Fed was then placed with the Bank of England and the BIS. Hürriyet portrays this gold movement as a 'diplomatic crisis' between Turkey and the US, connected to potential military operations by the US against Syria.

... Continue Reading
By: Ronan Manly
BullionStar's Retail Bullion Shop, Showroom & Vault
Shop Address:
45 New Bridge Road
Singapore 059398

Opening Hours:
Mon - Thu: 11am - 7pm
Fri: 11am - 5pm
Sat: 10am - 2pm
Click here for more info
Featured Products
Singapore Silver Merlion Round - Low spread of 0.99% - 1 oz Singapore Silver Merlion Round - Low spread of 0.99% - 1 oz USD 1­7.99
Featuring Singapore's landmark, the Merlion and Singapore's national flower, the Orchid. BUY NOW
BullionStar Mint - Gold Bars with No Spread - 100 g BullionStar Mint - Gold Bars with No Spread - 100 g USD 4,38­8.88
BullionStar's own branded 100 gram 99.99% pure gold bars, produced by world renowned Swiss refiner Argor-Heraeus. No spread between buy and sell price when trading 10 or more pieces. Min. holding period of 7 days apply. BUY NOW
Heraeus Silver Lunar Stacker Bar 2018 - Year of the Dog - 1 kg Heraeus Silver Lunar Stacker Bar 2018 - Year of the Dog - 1 kg USD 59­0.08
The first ever Heraeus Stacker Silver Bar to be produced! Each 1 Kilo Heraeus Lunar Silver Bar has beveled, interlocking surfaces that stack for safekeeping. For added security, each bar is equipped with micro-reeded perimeter, an anti-forgery swirl pattern on the reverse, along with a unique serial number.  BUY NOW
Australian Gold Kangaroo Nugget 2018 - 1 oz USD 1,36­5.59 BUY NOW
BullionStar Mint - Silver Bars with No Spread - 1 kg USD 61­6.81 BUY NOW
PAMP Gold Bar - 100 g USD 4,31­1.63 BUY NOW
Heraeus Silver Bar - 10 oz USD 17­6.19 BUY NOW
 
NEXT
Pick-up, Store or Ship
Delivery

It´s your metals - It's your choice. Pick-up your metals in our shop, store them in our vault or ship them to your delivery address.

Learn More
My Vault Storage®
Storage

"My Vault Storage®" is BullionStar’s solution for storage. Store your bullion fully allocated in one of the most stable and safe jurisdictions in the world – Singapore.

Learn More
How to Order from BullionStar

This guide provides you with information of how you place an order with BullionStar.

Learn More
Insurance & Protection

You can always feel safe whether you have your products shipped or stored with BullionStar. All products are fully insured in all instances.

Learn More
Ask a BullionStar Expert

Let our experts guide you in the world of precious metals.

Learn More
FAQ & Help
FAQ

Answers to your most frequent questions.

Learn More