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Hungary Repatriates All Its Gold From London Fearing 'Geopolitical Crisis'


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'.

The total value of the 3 tons of gold amounts to 33 billion Hungarian forint ($130 million dollars).

According to Hungary's central bank, 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."

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