Türkiye’s unprocessed gold reserves valued at over $600B: Gold Miners Association

Türkiye’s gold reserves are estimated to range between 6,500 and 10,000 tons, with a total value between $397 billion and $611 billion, according to Hasan Yucel, chairman of the Turkish Gold Miners Association.

Yucel said in a press conference held on Tuesday that with proper planning, it is possible to produce 100 tonnes (110 tons) of gold annually while emphasizing substantial declines in production in recent years. According to Yucel, gold production in Türkiye declined to 32.2 tons in 2024, marking a 10-ton loss over the past five years.

Despite an annual domestic demand of 160 tons, local production in 2024 accounted for only 32.2 tons.

“The remaining 127.8-ton deficit has to be covered through imports. This reliance on imports results in billions of dollars in costs for Türkiye each year. An economy dependent on gold imports is unsustainable. To address the current account deficit, we must increase domestic production,” Yucel stressed.

Widening gap between gold exports and imports

Yucel pointed out that bureaucratic obstacles have hindered the gold production sector, adding that gold imports in 2023 surged by 46.9% compared to the previous year, reaching $30 billion.

Yucel argued that the expanding gap between gold exports and imports, driven by rising import levels, has adversely affected Türkiye’s foreign trade deficit. Providing examples of how the $30 billion spent on gold imports could have been utilized for significant infrastructure projects within the country, Yucel enumerated:

• Construction of six Bosphorus bridges, equivalent to Istanbul’s third bridge
• 2.7 Istanbul Airports
• 1.5 Akkuyu Nuclear Power Plants
• 1,500 kilometers (932 miles) of high-speed rail,
• 30 major dams and hydroelectric plants
• 30 city hospitals

“Simply put, retaining this expenditure domestically through local production could be redirected toward strategic investments,” Yucel explained.

While acknowledging efforts by the ministry to boost gold production, Yucel criticized the insufficient coordination among relevant organizations, expressing optimism about achieving an annual production target of 100 tons within a few years.