Turkey Has $311 Billion in "Untaxed, Unseen, and Untracked" Gold

Tucked away "under their pillows"

Pillow-Gold, Türkiye’s Hidden Treasury

“$311 billion in private gold—largely unregistered—forms the silent core of Türkiye’s household finance.”

Between January and April 2025, Türkiye’s current account deficit widened to $20.3 billion, up from $14.5 billion the year prior. A significant portion—$6.27 billion—was attributed to the imbalance in gold trade. Gold imports continue to strain the country’s external accounts, with most of the metal never entering the formal financial system.

Contents

1. Türkiye’s Hidden Treasury

2. Untaxed, Unseen, and Untracked

3. Cultural Habits Work

4. Gold Over Banks: A Rational Choice

5. Best Economic Shock Absorber

6. Historical Attempts at Integration

7. Policy Tradeoffs and Missed Potential