Thursday, March 22, 2012

Turkey trying to get its citizens gold

Turkey's government, working to reduce a current-account deficit soaring to nearly 10 percent of gross domestic product and high inflation, aims to coax citizens into storing their vast gold holdings in the nation's banking system.
[Zerohedge comment...]
Because what may not be apparent to a Princeton Ph.D., is more than obvious to a 70 year old housewife in Istanbul:
[on Wall Street Journal quote] "I'm keen to save, so keeping gold at home is easy for me; there is no complicated procedure," said Ayten Altin, a 70-year-old housewife in Istanbul. "In an emergency, I can convert it to cash and I don't have to wait for the bank to say the asset has matured."

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