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Economy

Turkey's gold-backed bonds: Government in quest for hidden treasures

Public is still not sold on trading precious metal for piles of paper

Gold jewelry on display in Turkey.People in the country like to keep their stash of the precious metal close at hand.

ISTANBUL -- In a bid to attract gold held by households into the economy, Turkey has begun issuing gold-backed government bonds in exchange for physical gold.

The government promises to redeem the bonds a year later in gold-- plus interest in Turkish lira -- but gold-loving Turks are finding it hard to let go of the precious metal.

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