Iraq Aims to Increase Gold Production

Now Turkish bankers will share their knowledge with their Iraqi colleagues. According to the Banks Association of Turkey, many Iraqi banks have expressed an interest in learning from the Turks. Thus, Turkey is hoping that many production licenses to mine in Iraq will be granted to Turkish mining companies.

Qusay Gomaa, a member of Iraq's coalition government and member of the government’s economic committee, has been one of those politicians arguing that Iraq needs to take advantage of its huge gold producing and trading potential. The strong rally in global gold prices has mainly been triggered by the economic problems of the industrialised nations in the West.

The central banks seem to have no other choice other than to keep pumping money into the financial markets. Thus, during this last decade gold demand has increased – as has demand for other commodities. According to Gomaa, this is one of the reasons why Iraq should start exploiting its own gold and diamond reserves. This would help finance reconstruction of Iraq, and thus benefit the Iraqi population as a whole.

GoldMoney.com - The best place to buy gold and silver online

(Source: Goldmoney.com)

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