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  • Writer's pictureJuan Cabrera

"Turkey's Gold Rush: Boosting Production and Stockpiling for a Brighter Future"

Updated: Jan 30, 2023

Turkey has been making efforts to increase its gold production to reduce its dependence on imports. This is due to its desire to reduce its trade deficit and become more self-sufficient. As a result, it has increased its focus on boosting domestic gold production.


Switzerland exported a large amount of gold to Turkey last year, with the country sending 188 tonnes, the most on record. This highlights the country's demand for gold, as well as its efforts to increase its domestic supplies.


Additionally, Turkish citizens have been stockpiling gold, which suggests a growing interest in this precious metal as a form of savings and investment. This is likely due to the belief that gold is a safe haven asset that can protect wealth in uncertain economic times.


Lastly, Turkey's central bank was one of the major buyers of gold in the third quarter. This further highlights the country's growing interest in this precious metal and its efforts to build its gold reserves.



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