Eastern Europe Central Banks Lead Global Gold-Buying Spree

Eastern European central banks are ramping up gold purchases, with Poland leading global acquisitions as regional monetary authorities seek to shield their economies from geopolitical risks.

The Czech National Bank aims to double its gold reserves to 100 metric tons within three years, Governor Ales Michl told Bloomberg Television after inspecting the country’s holdings at the Bank of England. The bank, which holds about $150 billion in foreign reserves, has increased its gold stockpile fivefold since 2022.

Source: Bloomberg News

Poland emerged as the world’s largest gold buyer in the second quarter, according to World Gold Council data. Its central bank now holds approximately 420 tons of gold — about half the reserves of India or Japan — with plans to increase gold’s share to 20% of total reserves.

Hungary and Serbia have also joined the regional push. The Hungarian central bank increased its reserves by more than 10% to 110 tons this year, while Serbia has tripled its holdings to 48 tons since 2012 and repatriated its foreign-held gold in 2021.

Serbian Central Bank Governor Jorgovanka Tabakovic cited ongoing global tensions as a key factor. “Gold is gaining value and importance in times of global turbulences, especially in geopolitical conflicts and periods of high inflation,” she told Bloomberg in an email.

Goldman Sachs forecasts gold prices could reach $3,000 per ounce by December 2025, while Bank J. Safra Sarasin noted in a November 10 report that “geopolitical fragmentation is favorable for gold, while gradual dollar weakening should be a further tailwind.”


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Renforth Resources, Radisson Mining Of Interest Following QMX Gold Transaction

On January 21, Eldorado Gold Corporation (TSX: ELD) announced an agreement to buy QMX Gold...

Saturday, January 30, 2021, 02:30:00 PM

Lundin Mining Sees BMO Maintain Price Target Following Q3 Earnings

Yesterday Lundin Mining (TSX: LUN) reported their third quarter earnings. Third-quarter cash flows were +$272.2...

Thursday, October 29, 2020, 03:29:00 PM

Nighthawk And Moneta To Merge To Create Gold Developer

Consolidation continues within the junior mining space, with Nighthawk Gold (TSX: NHK) and Moneta Gold...

Tuesday, November 28, 2023, 08:14:16 AM

The Yukon: Canada’s Original Hotbed of Gold Exploration

The California Gold Rush began in 1848 and resulted in a mass migration of people...

Saturday, September 26, 2020, 01:30:00 PM

Gold Rallies Amid Russian-Ukraine Tensions

Gold has been relishing a strong rally as of recent, as global markets continue to...

Thursday, February 17, 2022, 03:40:00 PM