Hungary is hungry for gold.
Budapest joined the long list of nations that have increased their gold reserves in 2018, bringing its reserves to 31.5 tons. This is the biggest purchase in more than 30 years, but it is still outside of the top 50 gold holders worldwide.
The Hungarian central bank confirmed that the purpose of the move was to reduce risks and secure the nation’s wealth.
The yellow metal now represents 4.4 percent of the national bank’s reserves.
Surprisingly, central banks have been the biggest purchasers of gold bullion in recent years.
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