Gold Miners Association: Turkey holds over $1 trillion worth of gold underground

Hasan Yücel, Chairman of the Gold Miners Association, said Turkey’s known gold potential corresponds to an economic value exceeding $1 trillion at current prices.

Yücel noted that while Turkey has identified approximately 6,500 tonnes of gold potential, only around 2,000 tonnes have so far been converted into official reserves.

Potential could reach 10,000 tonnes

He emphasized that with improved technology and sound mining policies, Turkey’s gold potential could be increased to as much as 10,000 tonnes, delivering long-term economic benefits.

Including private holdings, total value reaches $2.3 trillion

According to Yücel, when privately held gold is included, Turkey’s total gold value rises to approximately $2.3 trillion.

He stressed that every tonne of gold produced domestically reduces imports, limits foreign currency outflows, and helps narrow the current account deficit.

Production can rise, imports can fall

Yücel stated that Turkey’s annual gold production stood at 28 tonnes as of 2025, while imports ranged between 140 and 150 tonnes.

With a stronger investment climate and faster permitting processes, annual production could reach 100 tonnes, he said, adding that the sector has attracted $10 billion in production investments and $2 billion in exploration spending to date.

Rising gold prices have also increased state revenues from royalties, highlighting the importance of channeling risk capital into the mining sector.