Chart usGOLD   Chart usSILVER  
 
Food for thought
When cryptography is outlawed, bayl bhgynjf jvyy unir cevinpl
David Bond  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1230.900.34
Silver 17.17-0.02
Platinum 1243.50-2.00
Palladium 776.00-2.75
WORLD MARKETS
DOWJONES 16805128
NASDAQ 448431
NIKKEI 15292153
ASX 539929
CAC 40 4129-29
DAX 8988-60
HUI 184-1
XAU 760
CURRENCIES (€)
AUS $ 1.4416
CAN $ 1.4227
US $ 1.2669
GBP (£) 0.7875
Sw Fr 1.2059
YEN 137.0400
CURRENCIES ($)
AUS $ 1.1382
CAN $ 1.1230
Euro 0.7893
GBP (£) 0.6217
Sw Fr 0.9518
YEN 108.1000
RATIOS & INDEXES
Gold / Silver71.69
Gold / Oil15.17
Dowjones / Gold13.65
COMMODITIES
Copper 3.060.01
WTI Oil 81.14-0.61
Nat. Gas 3.60-0.02
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Syrians convert gold into cash to survive
Published : November 15th, 2012
667 words - Reading time : 1 - 2 minutes
( 1 vote, 4/5 ) Print article
 
    Comments    
Tweet

 

 

 

 

After nearly 20 long months of conflict, many Syrians are now digging deep into their pockets, with many having to sell their jewellery -- including family heirlooms -- just to survive. (AFP)


By AFP
Damascus

In a Damascus jewelry shop, the customer’s jaw drops when he hears what he is being offered for his gold ring. Barely $100. “Can’t you do any better?” he asks timidly before accepting the deal.

After nearly 20 long months of conflict, many Syrians are now digging deep into their pockets, with many having to sell their jewelry -- including family heirlooms -- just to survive.

The conflict between government troops and the rebels may have brought the economy to a stalemate, but the gold market is experiencing an unprecedented frenzy.

For those who have lost their livelihood with the closing down or destruction of their workplace, selling off jewelry is an unwelcome but necessary option so they can feed their families.

For the rich, the precious metal represents a bulwark against the collapse of the Syrian pound.

According to Sonia Khanji, a member of the Damascus Chamber of Commerce, 30 percent of small and medium enterprises in the country have now closed, throwing roughly a quarter of the workforce out of a job.

In the jewelry souk of Hariqa in the heart of the capital, one young woman tensely discusses the price of an enormous ring inherited from her grandmother.

I’ll buy it for 55,000 Syrian pounds ($740) when you’ve made up your mind,” says the prospective buyer. She goes on her way, convinced that his offer is too low.

She’ll be back,” he says, confidently. “It looks like she needs the cash.”

Long accustomed to stable prices and currency, Syrians have seen rampant inflation reduce their purchasing power by one third since the revolt against the regime of President Bashar al-Assad broke out in March 2011.

Damascus blames the country’s economic woes on sanctions imposed by Europe and the United States, whose administrations accuse the regime of conducting a bloody crackdown on its own people.

“The demand for jewelry has declined significantly over the past two years over the rising price of gold on the world market and the weakening of the Syrian pound” which has lost half its value against the dollar, according to jeweler Bassil Mdari.

Today, those who still have a steady income put their faith in gold.

“People prefer to buy gold or sterling ounces rather than trinkets,” Mdari says, adding that people are hunkering down for a protracted period of unrest.

“People have lost faith in the national currency. Whenever new economic sanctions are announced, I notice that the rich flock to buy gold. They believe that acquiring the yellow metal offers security,” says Michel, a jeweler.

Damascus industry professionals agree that the precious metal provides a form of savings that appreciates in times of political and economic uncertainty.

“To save money, people prefer gold. They fear a rising dollar and the fall of the Syrian pound, and gold is easier to transport if we need to leave quickly,” said Hisham, a goldsmith on Abed Street in downtown Damascus.

He acknowledges that it is mostly the upper and middle classes who invest in gold, “as in most countries in the world.”

The rise in price of gold shows no signs of abating, going up 265 Syrian pounds ($3.60) per gram in the past week alone, government daily Al-Thawra said on Sunday.

“Gold is on track to reach new heights,” Georges Sarji, the head of a local jewelers’ association, was quoted as saying.

He blamed the price hikes on soaring international markets, but insisted that “the sales market is improving, despite the fact that Syrians continue to sell their gold.”

According to Sarji, more than 100 pounds in weight of gold are now sold daily in Damascus -- $2.8 million dollars’ worth.

The price of an ounce of gold finished the week at $1,739.04 on the international market.

Source: Syrians convert gold into cash to survive

 

 

Tweet
Rate :Average note :4 (1 vote)View Top rated
Previous article by
Charleston Voice
All articles by
Charleston Voice
Next article by
Charleston Voice
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Charleston Voice

All the stuff you don't want to know about, but should. And, when you do know, you realize that for the present you are powerless to change it This article is brought to you by the Charleston Voice E-mail List. To subscribe FREE to the distribution list, send an e-mail to the author with 'SUBSCRIBE' in the subject line.
Charleston Voice ArchiveWebsite
Most recent articles by Charleston Voice
10/10/2014
10/10/2014
10/8/2014
9/24/2014
9/19/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer