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Earlier this year, the Czech Republic’s central bank chief flew to London to have a look at a swelling stack of gold bars stored in the Bank of England’s concrete-encased vaults beneath Threadneedle Street.
Central banks around the world are stocking their gold arsenals as a shield against external shocks such as prospective trade wars brought on by Donald Trump’s second presidency and geopolitical tensions in Ukraine and the Middle East. But eastern European monetary guardians have made a particular show of topping up their gold piles.
Poland’s central bank governor, Adam Glapinski, said gold and hard currency reserves are crucial to protecting the economy against catastrophic events. He increased bullion holdings to some 420 tons as of September, about half the stockpile of India or Japan. The Czechs are also prospective club members. The central bank in Prague boasts about $150 billion in foreign reserves — nearly half of gross domestic product — one of the world’s biggest by proportion.
“Geopolitical fragmentation is favorable for gold, while gradual dollar weakening should be a further tailwind,” Bank J. Safra Sarasin said in a report from Nov. 10. The central bank in Budapest has also lauded the metal as a safe haven. But gold has a role in the country’s historic identity.
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