Tuesday, October 16, 2018

Hungary is the next country to join the global push of nations filling their coffers with gold reserves

Hungary has now joined Poland here in October in their announcing a major monetary policy shift within their central bank reserves.

On Oct. 16, Hungary reported that they have boosted their gold reserves 10-fold, and are labeling the accumulation of the precious metal as one of 'economic and national strategic importance' in the wake of emerging market turmoil as well as a slowdown in the global economy.

Hungary’s central bank has announced the country has boosted its gold reserves tenfold to 31.5 tons. The regulator says it wants to improve the security of the nation’s wealth and to reduce risks. 
According to the bank’s governor, Gyorgy Matolcsy, the decision was of “economic and national strategic importance” and has been made after Prime Minister Viktor Orban requested a year ago that the bank assess its gold strategy. 
Matolcsy has also recalled Hungary’s heritage as one of the world’s largest gold producers in the Middle Ages. 
Gold now accounts for 4.4 percent of Hungary’s national bank’s reserves, according to the bank’s vice-president Marton Nagy. - Russia Today
Hungary's President Viktor Orban is considered to be cut from the same cloth as President Trump as he also rose to power in the midst of the ongoing global populist movement.  And like his fellow world leader, is a big proponent of the gold standard.
Donald Trump: “We used to have a very, very solid country because it was based on a gold standard,” he told WMUR television in New Hampshire in March last year. But he said it would be tough to bring it back because “we don’t have the gold. Other places have the gold.” 
Trump’s comment to GQ: "Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We’d have a standard on which to base our money." - Forbes


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