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We show that Hungary's gold reserves have peaked

07 July 2021

The national bank increased Hungary's gold reserves to 94 and a half tons, the growth has tripled in one year, and thus the per capita gold reserves in Hungary are the highest in Hungary. According to the president of the central bank, gold is also important from a security and strategic point of view. And Prime Minister Viktor Orbán drew attention to the fact that confusing, dangerous times are coming, so a reserve is needed.

Hungary's gold reserves can be accessed through tens of centimeters of solid steel doors. A piece of gold bars with a purity of at least 99 and a half percent is worth 130 million forints, depending on the exchange rate, and weighs between 11 and 13 kilos.In 2018, the Magyar Nemzeti Bank began to expand its domestic gold reserves by tenfold the then 3.1 tons, and has now tripled that 31 tons to 94 and a half tons.

Hungary jumped from 56th to 36th place in the world in the ranking of gold reserves, and in the region we moved from sixth to third place, Poland and Romania have only larger gold reserves- emphasized György Matolcsy, adding that in the gold reserve per capita, however, we have become leaders in the region. The Governor of the Magyar Nemzeti Bank indicated that each Hungarian receives 0.31 ounces of gold, which is already a respectable number, but still a third of the Austrian value, so - as the Governor said - there is even more.

“Gold is a matter of national strategy, so the cooperation between the government and the ticket bank is exemplary in this area as well. An economy is a strategic matter. A line of defense. He who has gold does not belong to anyone, so he holds gold without obligation. The Hungarian gold reserve plays a very important role in the total Hungarian foreign exchange reserve. So our security and strategic defense tool has been strengthened today, ” said György Matolcsy.György Matolcsy reminded the central bank In 2018, the Prime Minister's strategic council decided to increase Hungary's gold reserves tenfold, and then another expansion was decided last year, thanks to which the country's gold reserves reached 94 and a half tons.

Confused times are coming, dangerous times are coming. It will not continue the life of the world where it left off before the epidemic, and in that case a reserve, cover, and security is needed. ”He said.Viktor Orbán also drew attention to the fact that the process of bringing gold stocks home from traditional storage places took several years, and in Hungary not only cash but also gold is kept under the most modern international security conditions.As previously reported, the Magyar Nemzeti Bank announced on 7 April that, continuing the process started in 2018, it had tripled its Hungarian gold reserves from 31.5 tonnes to 94.5 tonnes. Due to the stability role of gold, the purchase may be especially useful for Hungary in the current uncertain world economic period.1