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18.05.26 - 14:01
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Modi Targets Gold, Fuel in Austerity Push (Bloomberg)
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India is tightening its grip on foreign outflows as the Iran war fuels an energy shock. Fuel prices are up, gold and silver imports face tougher curbs, as the rupee has hit a record low against the dollar.
(Source: Bloomberg)...
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18.05.26 - 12:15
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Behind Turkey′s Gold Sales: The Biggest Ever Plunge In Foreign Reserves (ZeroHedge)
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Behind Turkey's Gold Sales: The Biggest Ever Plunge In Foreign Reserves
Shortly after the Iran war started, with gold unexpectedly tumbling, we showed that the reason behind gold's paradoxical move - after all, the precious metal has traditionally been a store of value in times of geopolitical stress - was the furious liquidation of gold by emerging markets, in this case Turkey, scrambling to obtain reserve dry powder so Ankara could cover soaring costs of energy imports.
And indeed, the latest central bank data showed that Turkey's foreign reserves had their biggest monthly decline on record in March, as the Iran war triggered global selloffs in emerging market assets and strained the lira.
According to balance-of-payments data released on Wednesday, Turkey's official reserves cratered by $43.4 billion in March. Part of the decline reflected state intervention to offset portfolio outflows. The current-account deficit, meanwhile, widened to $9.7 billion in March from $7.3 billion in Feb...
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