It must be something in the air – today in gold news, another European country is calling their gold back home. OK, enough suspense – it’s Hungary, owner of one of the smallest central gold reserves at 3.08 tonnes. This latest decision recalls 3 tonnes of gold from storage in London, and to be honest we can’t tell if the other 0.08 tonnes was already in Hungary or if it’s simply a rounding error.
In any case, this move brings Hungary in line with Austria, Germany, and the Netherlands, who have already recalled their gold. Of these, Germany is the heavy hitter, second only to the US in their central gold reserves. But of course, American gold reserves haven’t been independently audited for years, the last audit in 2016 being an internal one. So many folks think there isn’t as much gold in Fort Knox as advertised, but only the Shadow knows.
And this Gold Enthusiast wonders if this latest gold news means that central bankers in EU member states are losing faith in their shared economic system. If so, they may want to make sure they don’t get left out when the music stops playing.
Today’s featured article is more of a website that gets updated regularly with interesting economic info. The link sends you to Hungary. If you back up a page or two you can pick which country you want to investigate, and if you scroll down the page a bit, you’ll find a ranked list of countries by their gold holdings. It really is fascinating stuff.