Hungarian National Bank (MNB) to repatriate 100,000 ounces gold from Bank of England

– Follows trend of Netherlands, Germany, Austria and Belgium each looking to bring gold back to home soil

– Hungary one of the smallest gold owners amongst central banks, with just 5 tonnes

– Central bank gold purchases continue to be major drivers of gold market

– Russian central bank gold reserves now exceed those of China

– Decisions to repatriate and increase gold reserves come as rifts between East and West widen



A country’s sovereignty is becoming the driving force of so many changes in the geopolitical sphere, today. Whether it is Brexit, surprise electoral victories in central Europe or a change in trade deals, sovereignty is at the forefront of so many of these decisions.

One of the first indicators that there was a change in the water when it comes to globalisation and international cooperation was through central bank gold buying and repatriation.

For some time now many central banks have been working on building up their gold reserves and ensuring they are stored on soil it believes to be safe and trustworthy.

The most recent central bank to make this change is that of Hungary. Last week it was announced that it intends to bring 100,000 ounces of its very limited 5 tonnes gold reserves, back home from the Bank of England.

This is not an unusual move. In recent years we have seen the likes of Germany, Venezuela and the Netherlands each repatriate their gold from various locations. The pace does appear to have been picking up since the late Hugo Chavez decided to bring home 180 tonnes of gold in 2011.

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