Growth in European Gold Reserves Signals Upcoming Boom
Russia is not the only European country buying massive amounts of gold. Poland (an EU member) just added to its gold reserves, while Hungary, in a surprise move, boosted its gold by 1000%. Got Gold? Gold prices have been slammed over the past year, nearly reaching its 2017 lows. So it may (or may not) come as a surprise that Hungary’s central bank–Hungarian National Bank–just announced that it boosted its gold reserves by 1,000%! Here are the details: Last month, the Hungarian National Bank held only 3.10 tonnes of gold. In October, Hungary’s central bank added 28.4 tonnes to their gold reserve. 31.5 tonnes from 3.10 tonnes is a 1,000% increase. Not only had Hungary maintained its reserve levels since…
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