THE NATIONAL Bank of Hungary is bringing back the country’s 100,000 ounces of gold from London, citing fears over a coming ‘geopolitical crisis’ according to sources.
The total value of the 3 tons of gold amounts to 33 billion Hungarian forints. (£92 Million).
According to the central bank in Hungary, the move was motivated by concern over future “geopolitical crises” and the fact that storing gold outside the country is increasingly being seen as too risky.
“Gold is not merely an investment product for central banks, but is a strategic tool that is conducive to confidence in the country both abroad and domestically,” the bank said in a press release, adding, “The time has come to bring home the gold reserves of the country.”
The reference to “geopolitical crises” could possibly refer to Russia.
Tensions have increased in recent weeks after the poisoning of a Russian double agent and his daughter.
After the British government issued an ultimatum to Russia, Moscow responded by threatening Britain adding: “One does not give 24 hours notice to a nuclear power.”
Theresa May later expelled 23 Russian diplomats from London and Russia responded by expelling 23 British diplomats from Moscow.