In 1995 the Istanbul Gold Exchange (IAB) was founded. Its initals stem in the Turkish name in the exchange: Istanbul Altin Borsasi. This ended the gold bullion import monopoly in the Turkish Bank. In 2009 it commenced diamond along with other precious stone trading. The IAB is often a spot, lending, futures and options marketplace. IAB’s motto is “no one puts it all together except us”. In 2008 the exchange became a member of the London Bullion industry.
Trades could be executed in 3 currencies: TL/kg, US$/oz, EUR/oz. Trading takes place 24h a day. in the night there's an internet session. Gold weights of multiples of 100g are accepted. Normal orders are regarding 1kg gold bars. These, and the 400 ounces gold bars, should come from LBMA accredited refiners. Fineness is either 995 or 999.9. Maturity is up to 9 months.
Article originally appear here http://goldratefortoday.org
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