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The Alchemist/Daniel Palotai and Istvan Veres – Central Bank of Hungary/June2020
“Gold, especially in physical form, is an asset that can strengthen trust towards a country both within and across national borders. One of the important changes in central banks’ behaviour after the Global Financial Crisis was that the need arose to store gold in domestic locations, not in distant financial centres. One by one, central banks announced their repatriation programmes.”
USAGOLD note: Gold is a long-term store of value for central banks, funds, institutions and private investors. In this article, the Central Bank of Hungary goes to lengths to explain why. The World Gold Council recently took a survey in which 20% of central banks said that they are likely to add to their gold reserve in 2020 – up from 8% last year.