by Ronan Manly, BullionStar:
In one of the most profound developments in the central bank gold market for a long time, the Hungarian National Bank, Hungary’s central bank, has just announced a 10 fold jump in its monetary gold holdings. The central bank, known as Magyar Nemzeti Bank (MNB) in Hungarian, made the announcement in Budapest, Hungary’s capital.
The details of Hungary’s dramatic new gold purchase are as follows:
- Before this month, Hungary’s central bank held 3.10 tonnes of gold.
- During the first two weeks of October, the Hungarian National Bank purchased 28.4 tonnes of gold.
- This gold purchase raised the central bank’s gold holdings from 3.1 tonnes to 31.5 tonnes, i.e. a 1000% or 10-fold increase.