Gold buying by central banks seems to have reached a fever pitch. China announced they added another 10.3 tonnes in June; this on top of the 73+ tonnes they added over the previous 6 months. Poland – not a name often mentioned by The Gold Enthusiast – claimed last week that they doubled the gold held by their central bank, claiming the #1 spot in central Europe. And perhaps more telling, Poland also announced plans to repatriate 1/2 of the country’s gold, bringing physical bars back to Poland.
This means both Poland and Hungary are now controlling most of their own physical gold, which Euro-currency members can’t do. Today’s featured article discusses what stresses this puts on the EU and London’s long-time control of the physical gold market.
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