The month of October 2018 saw a stunning move by Hungary’s central bank. The Magyar Nemzeti Bank (MNB) purchased 28.4 tonnes of monetary gold holdings in physical form. This marks a massive jump in the central bank’s gold reserves, from 3.10 tonnes to 31.5 tonnes, in a matter of weeks. Additionally, the gold has been repatriated to Hungary, which joins a list of other European nations like Poland who seem to have embarked on a “Gold Rush”, though nothing matches the scale at which Hungary has increased the possession of its precious metal holdings.
Such moves seem to reaffirm the fact that gold is one of the safest assets, and how it can play a key role in stabilizing, and also confirms how nations are building confidence by shoring up gold reserves.
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