(Kitco News) – With 100 tons in gold purchases in 2024, the central bank of Poland has become the number one sovereign buyer of the yellow metal. But the country is not alone, as the Russia-Ukraine war has forced the Czechs, Serbs, and Hungarians to also bolster their reserves.
While the focus for much of the year was on China’s massive central bank gold purchases – and then on their move to the sidelines as prices hit record highs – the nations of Eastern Europe have quietly emerged as the biggest buyers of the precious metal, and the biggest back stoppers of the gold rally.
“We need to reduce volatility,” Czech Republic central bank head Ales Michl told Bloomberg earlier this month following a visit to the country’s London gold stockpile. “And for that, we need an asset with zero correlation to stocks, and that asset is gold.”
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