Iraq looks to gold for economic recovery

[jpdinar]

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According to Iraq's mineral ministry, country's western desert contains huge reserves of gold and likely platinum and diamond resereves.

LONDON(BullionStreet): After decades of sanctions, war and sectarian violence, Iraq is struggling to maintain it's economy and looking forward to increase gold production along with oil and natural gas.

According to Iraq's mineral ministry, country's western desert contains huge reserves of gold and likely platinum and diamond resereves.

The Iraqi government recently announced a 30 year economic plan for mines and minerals by granting production licenses to foreign mining companies.

The Iraqi government is thus hopeful that gold mining can be an increasingly profitable venture for the country.

However, official gold trade in the country remained in doldrums as Iraq's banking sector required proper training and guidance from foreign banks, analysts said.

Iraq's northern neighbor Turkey offered to support country's banking sector in gold trade.

Turkish Banks Association (TBB) said the Turkish banking industry, which developed new ways of bringing in individual gold savings to the economy, will train Iraqi bankers on how to trade with gold.

The scope of the training will be determined depending on the demand stated by the Iraqi government. The TBB has started a study in regards to the training, which will take place in Baghdad and Erbil following a recent visit by an Iraqi delegation of the Federation of Private Banks to Turkey.

Analysts said Turkey has carried out important studies in trading gold, which is a significant saving tool in Iraq, and we want to benefit from Turkey's experience.

TBB has provided training to countries such as Albania, Azerbaijan as well as Bosnia and Herzegovina and has also been working on training programs for Syria and Lebanon.

 

[ReVbo]

Here's the link. Does anyone know BullionStreet? Are they reliable? Very good news, if so, and it would confirm the article we saw, early last year, that never had any followup.

 

http://www.bullionstreet.com/news/iraq-looks-to-gold-for-economic-recovery/1301

[zigmeister]

Wasn't there an article last week about a secret meeting in London?  Maybe this is the result of the meeting.

[ReVbo]

Take a look at the date on this article. It says "Friday, March 9," but doesn't list a year. March 9, 2013, was a Saturday, but March 9, 2012, was a Friday, so I think this article was from last year. Wonder what ever came of all this. You would think huge reserves of gold, platinum, and diamonds would be big news over there.

[zigmeister]

Good detective work ReVbo.....

[Goldiegirl]

You are right. So they do know how to plan. So, I wonder what else is going on we don't hear about???

Edited April 16, 2013 by Goldiegirl