Tuesday, 20th April 2004 (2923 views)

Turkish people have around $100 billion worth of gold hidden in their homes according to latest findings.

There has always been a reputation associated with Turkey for collectively saving the biggest amount of gold and results suggest it is still the case, according to Zaman Online.

London based Golf Fields Mineral, which observes world gold production and consumption found that of the 96 tonnes of gold coins and medallions minted in 2003, 65 per cent were in Turkey.

Omer Halac, owner of the Istanbul Gold Refinery explained that $50 billion of the gold kept in Turkish homes is in the form of jewellery, whilst the other half is kept as a type of savings.

Mr Halac also believes that in the near future banks will allow Turkish people to open bank accounts in gold.

"When it becomes allowable for people to open bank and stock market accounts in gold, US$50 billion would come out from under the mattress and enter into the economy," he said.

 

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