[Scottsdale, AZ] Monetary Metals (www.monetary-metals.com) has announced that it has leased gold to IGR Metals Trading DMCC, a subsidiary of Istanbul Gold Refinery (IGR). Founded in 2011, IGR is a part of the Istanbul Gold Refinery (İstanbul Altın Rafinerisi Anonim Şirketi) group of companies, a multinational corporation, its businesses include gold sourcing, transportation, delivery, refining and selling finished bullion product internationally. It has relationships with miners, bullion and scrap dealers, financial institutions and industrial suppliers.
“We’re pleased with our lease facility from Monetary Metals. We regard them as a key partner in supporting our growth,” said Anna Dinzler, General Manager of IGR DMCC. IGR products are accredited as “good delivery” by the LBMA (London Bullion Market.
In September Monetary Metals entered into a similar gold-leasing arrangement with AgaBullion, a multi-line, integrated precious-metals company headquartered in Istanbul. The lease finances AgaBullion’s gold trading operations on the BIST (The Borsa Istanbul Precious Metals Exchange). Monetary Metals’ clients earn 5% annually on their gold, paid in gold. Agabullion, a subsidiary of DD Holdings A.S., is a global leader in precious metals solutions offering assaying, refining, sourcing, bullion trading, e-commerce, logistics, vaulting and consulting. AGA is licensed by Turkey’s Ministry of the Treasury and Finance and is a member of the Turkish Jewelry Exporter Association. “We are excited to begin this relationship and look forward to more opportunities to do business together in the very near future,” said Sarp Tarhanaci of DD Holding’s executive committee.
The lease deals coincide with Fitch’s downgrade of U.S. debt from AAA to AA+. “Investors could earn a little over 5% on U.S. Treasuries, whose quality has been downgraded twice in the last 20 years,” said Jeff Deist, Monetary Metals General Counsel. “Or earn 5% on gold.”