Turkey breaks record in Gold Production

Posted On: 28 February, 2020 In Blog

2019 saw Turkey set the record in gold production. According to the Gold Miners Association (AMD), gold production was at 27.1 tons in 2018 and increased to 38 tons in 2019 despite the negativity and controversy surrounding it.

The President of AMD said of the increase that "it was a pleasing development for our country and our economy." He also stated "providing there is no negativity in 2020, we anticipate that we will reach a new record with a production of over 45 tons."

Turkey first began its gold production back in 2001 starting at 1.4 tons and from then on has steadily increased year by year. So this record that has been held in 2019 has certainly boosted all prospects.  

The President has also claimed that through scientific research they have found out that Turkey's gold potential stands at around 6,500 tons, some converted into reserve while others were produced and inserted into the economy.

The President said "Turkey, owing to its traditional habits as well, ranks first in the world in the purchase of gold per capita. We have a current account deficit of US$ 7-8 billion due to imports of about 140-160 tons of gold per year. However, by mobilizing its own potential, turkey can easily close 60 percent of this current account deficit due to gold imports in the next few years. We have the potential, the technology and the know-how to make this happen”.

Source:Turkey Homes

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