The Central Bank’s gold reserves have fallen to a total of 694 tons.

While the world’s central banks are setting records by buying gold, we are selling 57.3 tons and swapping 75.7 tons. China alone continues to accumulate reserves, and Russia is putting limits on gold exports.
While everyone clings to gold, our Central Bank is pledging gold to obtain foreign currency.
They say that a swap isn’t a sale, but the result is the same: the physical gold in the vault is eroding. 694 tons look good on paper, but how much of it is actually in our possession—and how much is sitting in the counterparty’s vault?
The real question is this: will the gold that was used to hold the TL return once the pressure on the exchange rate passes, or will it quietly turn into a balance-sheet game?
I said that people with inside information are rushing for the exit. This time, it’s our Central Bank that’s rushing out.