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Central and Eastern European banks rush to increase gold reserves

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Published : August 03rd, 2021
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Eureporter/Cristian Gherasim

Repost from 6-14-2021

“The Hungarian central bank explained the dramatic purchase of gold bars, highlighting that gold has no credit risk and no counterparty risk, and so reinforces sovereign trust in all economic environments. Another country set on increasing its gold reserves is Poland. Governor Adam Glapinski, also close to the governing party, said that gold should reach 20% of the centrad l bank’s reserves during his next term, as he launched his reelection bid.  Glapinski said that the institution he runs will buy at least 100 tones of gold in the coming years to demonstrate the country’s economic strength.”

USAGOLD note:  Taking a step back, it is interesting to note that as countries – like Hungary, Poland, India, and China – gain wealth, they choose to shore up their national reserves with gold bullion. It is an age-old practice that cements economic stature and gives the country an aura externally of durable financial strength.

Read the rest of the article at USA Gold
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