HIGH PREMIUMS CONTINUE AT BORSA ISTANBUL
FEB 22 – MAR 01 / 2021 https://www.goldtakas.com/en   

Last week, in Turkey, new regulation is announced and trade practices changed with the amendment to the Law No. 32 on the Protection of the Value of Turkish Currency, which determines the method and form of precious metal trade and importation. Turkish government raised the steps and controls of import in the frame of determine the full supply chain of gold. All Borsa members will publish “supply chain compliance report” and this will bring transparency to Turkish gold market. Turkey is one of strong gold markets that provide price advantages to international market players. Together with recent changes of importation process, like there are pre-approval period and new terms at Borsa, will decrease the pace of gold imports and circulation. As a result of this premiums on domestic market may be higher. Especially on LBMA good delivery bars we will see good premiums for a long period. Nowadays there are pretty good premiums around 5 usd/oz at Borsa Istanbul. 

Gold followed an upward trend until the end of the week. Yellow metal moved around 1790 usd/oz and recorded its highest level as 1817 usd/oz level at Borsa Istanbul. Despite this level, gold couldn’t escape the sales wave and completed the week at 1761,35 usd/oz level. That means gold lost 0,7% value. After 5 weeks, the trading volume of gold has increased to over 10 MT and reached 17 MT at Borsa Istanbul. After Borsa session closed, gold investors wanted to see their profits so that gold price declined to 1734,40 usd/oz level at international markets.

Silver caught a pretty good uptrend earlier in the week. However, silver was unable to continue this trend and fell on the end of the week. White metal completed the week as 26,60 usd/oz level at Borsa Istanbul. Compared to last week, silver lost 1,6% value. Silver transaction volume was good as 17 MT at Borsa Istanbul.

There is still really good premium at Borsa Istanbul up to 6 usd/oz against London fixing pricing. LBMA good delivery bars are being trading at Borsa Istanbul. Via your Goldtakas account, without being member of exchange, you can easily be active and gain. With free metal account you can be a part of this alternative market. You can reach us +90 212 465 6570 for information.