Value of ‘under the mattress gold’ estimated at $500 billion
ISTANBUL
The value of gold kept “under the mattress” in Türkiye amounts to $500 billion, according to Mustafa Atayık, president of the Istanbul Chamber of Jewelers (İKO).
He estimates that nearly 5,000 tons of gold are held in private.
“If we consider the price of gold to be approximately $107,000 per kilogram, we can estimate that the value of this gold amounts to roughly $500 billion or more,” he said.
Atayık, who argued that people continue to keep their savings at home due to “a lack of trust,” proposed the establishment of what he dubbed "Gold Bank."
This specialized bank, which would operate under the leadership of İKO as a public legal entity, allows jewelers to become members in a cooperative structure, hold its capital in gold, receive support from the government and standardize rules and practices that can help bring under-the-mattress gold into the economy, according to Atayık.
He emphasized that not all imported gold in Türkiye is destined for the jewelry and ornament sector. “Only about 40 to 50 percent of the total imported gold is actually used by the industry,” Atayık said.
Referring to data from the Gold Miners Association, Atayık noted that as of 2023, gold production was active at 18 mining sites where feasibility studies and permit applications had been completed.
“Production reached 35.5 tons in 2023 and stood at 32.2 tons in 2024,” he stated. “The more we can increase domestic production and recycling of scrap gold, the more we can meet demand without relying on imports, thus avoiding foreign currency outflows and satisfying raw material needs locally.”
