Well that escalated quickly...
In a trend that I'm sure is just getting started among more and more Central Banks around the world, no longer settling for dollars and 'paper gold', the Hungarian Central Bank has started to add a massive amount of gold to its holdings to help stabilize its currency for the future.
As first reported by Bullion Star...
The details of Hungary's dramatic new gold purchase are as follows:
Before this month, Hungary's central bank held 3.10 tonnes of gold
During the first two weeks of October, the Hungarian National Bank purchased 28.4 tonnes of gold
This gold purchase raised the central bank's gold holdings from 3.1 tonnes to 31.5 tonnes
The Hungarian central bank had not altered its gold reserves since 1986, i.e. 32 years ago
The 28.4 tonnes of gold was purchased in 'physical form', and 'its repatriation has already taken place' to Hungary
That is a massive addition of over 1 million ounces of gold or a paltry $1.2 Billion dollars. Pallets and pallets and pallets of gold for a mere billion dollars.
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