“GOLD” under the pillow

It is estimated that the Turkish people have 5 thousands tons of gold,under the pillow. However, since 2011, the amount of gold involved in the system has been kept at 60 tons for the campaign aimed at earning gold for the economy. Despite the campaigns made, the amount of gold inserted into the system is too low. In that case there is a question : “Are the 5,000-ton estimates made on the amount of gold held by the Turkish people were exaggeration?”

While projects are being developed in our country to increase the savings that are low with the support of the government, studies have been initiated in order to make the investments under the pillow economical from the other side. Thus, since 2010, the banks are trying to earn the gold under the pillow to the economy with the application of “Golden Days” in order to earn the scrap gold to economy. Monetary value of gold that the banks have collected so far, has remained at only $ 2.5 billion. The habit that started by keeping our money “under the pillow” and the money they had reserved for hard days, won a great dimension over time. Now it has become an economic power because of including billions of dollars in foreign exchange and gold. While the estimate of the experts was around 25 billion dollars today it is estimated that this amount is 100 billion dollars. However, clear predictions do not remove the enormous power. Along with it, it is increasing with the crisis. At the beginning of the work, this name was called “Black Day Money” and the Elders referred to it as “Shroud Money”. Over time the “under pillow” factor grew. The amount of money left for hard times increased.  We are now experiencing the reality of a “pillow-bottomed economy” in our country even if the reasons are different. It is estimated that in a serious situation relative to the gross national product, especially in the banking sector, even if the size of this financial entity, which prefers to maintain its existence systematically and indifferently. Especially in the banking sector,  even if the size of this financial entity, which prefers to maintain its existence out of system and unregistered is un predictible, it is expected that it is in a serious amount relative to the gross national product.

Because of the economic downturn that has lived for a while, the “under pillow” factor has come back on the agenda. When we accept the experts’ estimates as a basis, it is possible to get a clearer picture in terms of “pillow gold” prediction. The revealed data reveal the size of the work.

The “gold” under the pillow is one of the traditional saving methods of the Turkish people. It is at the top of the guarantee methods preferred by the Turkish citizen. Let’s examine the data presented: Prof. Dr. Deniz Gökçe, has the idea of there is $ 60 billion in gold under the pillow. This amounts to about 7 thousand tons of gold for current prices. Economist Uğur Civelek argues that gold under the pillow is around 500-2 thousand tons (about 12-17 billion dollars). However, Murat Akman, General Manager of the Turkey Office of the World Gold Council, estimates 3500 – 4500 tons (about 30-38 billion dollars) for the amount of gold under the pillow. However, according to Akman, only 5-10% of this gold can be returned to the system. “Because 80 percent of it is used as jewelry. The remaining 20 percent is made up of Republican gold and Ottoman coins. It is very difficult to return to the system because a significant part of the Ottoman coins are considered as numismatic. Therefore, only 350-450 tons of gold can return to the system ” Akman says.