Gold News: Hungary Repatriates Their Gold

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.

 Related: Gold Demand is Rising in the Middle East – And Here’s Why

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated with a business degree, then worked with Macy's. After Macy's he spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined a well-known financial planning firm as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where he worked first for a small manufacturing consulting company, then a major university. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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