We use cookies (including third-party cookies such as Google) to remember your site preferences and to help us understand how visitors use our sites so we can improve them. To learn more, please see our privacy policy and our cookie policy.

To agree to our use of cookies, click 'Accept' or choose 'Options' to set your preferences by cookie type.

Options Accept
BullionVault

CHARTS

  • English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Polski
  • 日本語
  • 简体中文
  • 繁體中文
  • Daily audit
  • Help
  • Contact
  • Deposit
  • Login
  • Open account
  • ABOUT US
    • About BullionVault
    • In the press
    • Reviews
    BUY/SELL BULLION
    • Vaulted gold & silver
    • -Live order board
    • -Daily Price
    • Coins for delivery (UK)
    INVESTMENT GUIDE
    • Guide to gold
    • -How to buy gold
    • -Gold investment
    • -Gold investment plan
    • -Investment insurance
    • -Compare asset performance
    • Guide to silver
    • -How to buy silver
    • Guide to platinum
    • -How to buy platinum
    GOLD NEWS
    • Gold news front page
    • -Gold price news
    • -Opinion & analysis
    • -Market fundamentals
    • -Gold/Silver Investor Index
    • -Infographics
    CHARTS
    • Gold price
    • Silver price
    • Platinum price
    • Price alerts
  • Login
  • Open account
  • BUY/SELL BULLION
  • Vaulted gold & silver
    • ⤷
    • Live order board
    • Daily Price
  • Coins for delivery (UK)
  • INVESTMENT GUIDE
  • Guide to gold
    • ⤷
    • How to buy gold
    • Gold investment
    • Gold investment plan
    • Investment insurance
    • Compare asset performance
  • Guide to silver
    • ⤷
    • How to buy silver
  • Guide to platinum
    • ⤷
    • How to buy platinum
  • GOLD NEWS
  • Gold news front page
    • ⤷
    • Gold price news
    • Opinion & analysis
    • Market fundamentals
    • Gold/Silver Investor Index
    • Infographics
  • CHARTS
  • Gold price
  • Silver price
  • Platinum price
  • Price alerts
  • ABOUT US
  • About BullionVault
  • In the press
  • Reviews
  • Help
  • Contact
  • Daily audit
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Polski
    • 日本語
    • 简体中文
    • 繁體中文

Gold News

Live support

NEED HELP? ASK US NOW

Search form

Gold News front page

Gold Price News

Gold Prices Hit 7-Week High as US Retail Sales Surge on Stimmy Checks, China Vows to Stall Inflation

More...

Gold Investing In Depth

Learn about gold bullion bars

Learn about gold bullion coins (and costs)

Gold investment: Why & how?

Gold Investment Analysis

  • Latest Gold Investor Index
  • Diversification: Gold as investment insurance
  • 40-year Asset Performance Comparison Table

Gold Articles

Opinion & Analysis

Gold Price News

Investment News

Gold in History

Gold Books

Gold Investor Index

Gold Infographics

Archive

  • April 2021 (14)
  • March 2021 (26)
  • February 2021 (23)
  • January 2021 (25)
  • December 2020 (24)
More...

List of authors

Gold Bullion Holds 1.1% Plunge Despite Turkey-US Tensions, German 'Crisis'

Tuesday, 11/21/2017 14:07
GOLD BULLION held onto yesterday's 1.1% plunge in Asian and London trade Tuesday, moving sideways as world stock markets rose with government bond prices despite the threat of fresh elections in Germany and the rapid escalation of political tensions between Nato military alliance members Turkey and the United States.
 
With commodities holding firm overall, gold bullion traded at $1276 per ounce as the start of US trade approached.
 
Versus the Dollar, the single-currency Euro retreated to a 1-week low near $1.17, down 1.5 cents from last week's 1-month highs.
 
That failed to put gold priced in Euros back above EUR1090 per ounce however.
 
Ahead of UK Chancellor Philip Hammond presenting his 2018 Budget to Parliament on Wednesday, pro-Brexit members of the Cabinet meantime agreed to offer the European Union up to £40bn in a "divorce" settlement, sources report.
 
The UK's public sector deficit is currently running 10% below 2016's level for the fiscal-year to date, new data showed today.
 
The UK gold price in Pounds per ounce today held near Monday's 2-week lows at £965.
 
Gold bullion in Turkish Lira meantime hit new all-time highs as the currency sank to new all-time lows versus the Dollar amid a worsening diplomatic row between Ankara and fellow Nato member the United States.
 
"The Zarrab case aims to damage Turkey's ties with Iran, Russia and other countries," said a spokesman for the government of Recep Tayyip Erdoğan, pointing to the US prosecution of a politically connected gold trader for breaching UN sanctions over Tehran's nuclear weapons program and smuggling bullion to Turkey's Shia Islam neighbor.
 
"[This] is a clear plot against Turkey, a political case lacking any legal basis," the spokesman went on, relaying comments from a meeting of the Turkish cabinet today.
 
With Iran accounting for the bulk of Turkish gold exports back in 2012, Ankara defied the United States in 2013, saying it would "not be bound" by Washington-led sanctions against its Shia Islam neighbor over Tehran's nuclear program.
 
So far in 2017 Turkey has imported a record $13.8bn of gold, Bloomberg reported earlier this month, more than 3 times last year's level.
 
The central bank in Ankara has grown its gold bullion reserves to a 3-year high. Consumer demand has also risen sharply according to data compiled for mining-backed market development organization the World Gold Council.
 
Chart of Turkey's household gold demand, 2011-2017. Source: BullionVault via World Gold Council
 
Turkey this weekend withdrew 40 soldiers from the Nato alliance's Trident Javelin exercises in Stavanger, Norway, in protest at the use of photos – apparently posted by a civilian contractor – of Erdoğan and modern Turkey's founding father Mustafa Kemal Atatürk as "enemy collaborators".
 
The UK's soon-to-depart ambassador to Ankara, Richard Moore, apparently called the error "disgraceful".
 
Moore is also reported defending Ankara's purchase of Russian missile technology, as well as  "welcoming" Turkey's talks with Russia and Iran over the crisis in Syria, whose Iran-backed dictator Bashar al-Assad yesterday met with Russian president Vladimir Putin.
 
Anti-Erdogan cleric Fethullah Gülen, now a resident of the US – and the target of an alleged kidnap plot involving President Donald Trump's security advisor Michael Flynn – stands accused of fomenting 2016's failed coup in Ankara, for which 40 people were sentenced last month to life imprisonment.
 
"Why are trucks loaded with weapons coming to northern Syria? Which country are you preparing this armament against?" Erdoğan asked of apparently US-supplied arms at a meeting of Turkey's ruling AKP party today.
 
"No one should expect Turkey to sit back with its hands tied."
 
Meantime in Germany, "There has rarely been such political uncertainty at any time in the country's post-war history," says financial services group Commerzbank its latest bullion-market note after the weekend's collapse of coalition talks following September's inconclusive elections.
 
"For years, Germany's party spectrum has been fragmenting while the fringes have radicalized," says Spiegel columnist Ullrich Fichtner.
 
"The sticking point is Merkel's "welcome policy" [for Syrian refugees], which she does not want to distance herself from, although she has long since been forced to change it," says financial newspaper FAZ publisher Holger Steltzner.
  • Reddit logo
  • Facebook logo
  • Twitter logo
  • Google logo
  • Yahoo logo
  • LinkedIn logo
  • Digg logo
  • StumbleUpon logo
  • Technorati logo

Adrian Ash is director of research at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

Mobile apps

 - live trading 24/7

 - buy & sell instantly

 - up-to-the-second charts

 

 

 

Daily news email
Go to 'communications settings' 

Get the latest daily gold price news free by email

Latest gold news by email

 

 

 

Gold Investor Index
2 March 2021

Silver Investor Index

Silver beats gold again

 

 

 

LBMA webinar
21 January 2021

LBMA

London gold trading

 

 

 

Bloomberg TV
1 February 2021

Bloomberg TV

r/silver-surge

 

 

 

ET Now
3 March 2021

Gold drop

Gold's big drop

 

 

 

  •  Email us

Market Fundamentals

  • Central-Bank Gold Buying 'Moderate' But 'Highly Symbolic' in 2021
  • Green Energy: Platinum Key to New 'Hydrogen Catapult'
  • 2021 Gold Price to Rise 11.5%: LBMA Forecast
More...
  • Cost calculator
  • Cookies
  • Terms & conditions

©BullionVault Ltd 2005-

  • Twitter
  • Facebook
  • LinkedIn
  • YouTube

Save your cookie preferences

We use cookies to remember your site preferences, record your referrer and improve the performance of our site. For more information, see our cookie policy.

Please select an option below and 'Save' your preferences.

Save

You can update your cookie preferences at any time from the 'Cookies' link in the footer.

Secure auto-logout warning

You have not been active for some time.

For your security you will be logged out in   minutes unless you take action.