After fights with Brussels, both Hungary and Poland increase their gold reserves significantly


After being threatened by Brussels with financial sanctions, both Poland and Hungary increased their gold reserves by a more than significant amount.


Poland that already had quite a big reserve, recently bought 10 metric tonnes, the largest gold purchase since 1998, bringing their reserves to the highest level since 1983. The acquisition comes in a time that both Poland and Hungary are caught up in fights with the EU over a variety of subjects.


Hungary even increased their reserves by a whopping 900%. The move is of “economic and national strategic importance” and to “improve the security of the nation’s wealth and to reduce risks”, according to the National bank’s governor Gyorgy Matolcsy.


While China and the USA are known buyers of gold, Poland and Hungary are the first European Union nations to buy gold since the start of the century. In total 16 different central banks have increased their physical gold reserves since the start of 2017. Big buyers are Russia, Turkey and Kazakhstan. Meanwhile Russia has recently sold the most of its holdings of U.S. Treasuries, and will continue the policy of de-dollarization.



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