A whole series of Eastern European states are bringing gold reserves back into their own countries. Against the backdrop of an impending crisis, distrust of the partner states and their central banks is apparently on the rise.
Gold is apparently an important issue in Eastern Europe at the moment. Only last week Poland had completed the repatriation of 100 tons of state gold worth more than 4 billion euros from London. For Hungary, Prime Minister Viktor Orban recently also increased stocks for the first time in a long time. And in Romania this year the parliament decided to take the national gold reserves home, which is currently being blocked by the president of the country with reference to the ECB.
The strong interest in gold in Eastern Europe reflects corresponding steps in Russia and China. China’s central bank has added more than 100 tonnes of gold to its reserves since December last year, when it resumed its monthly gold purchases. Russia has recently bought even more gold than China. Both countries are pursuing a diversification of their currency reserves away from the US dollar with continued gold buying.