Serbia Buys 9 Tonnes Of Gold To Heed President’s Crisis Advice

Serbia’s central bank bought 9 tonnes of gold in October, raising its reserves of the precious metal on the advice of President Aleksandar Vucic…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

Serbia’s central bank bought 9 tonnes of gold in October, raising its reserves of the precious metal on the advice of President Aleksandar Vucic.

The biggest former Yugoslav republic is following Hungary and Poland, where officials boosted gold reserves in 2018 to create a bulwark against crisis. Central Bank Governor Jorgovanka Tabakovic, a member of Vucic’s Progressive Party, said the October 9-11 purchases raised the bank’s gold holdings to 10% of total reserves and made good on a suggestion from the president in May.

“We have completed gold purchase transactions and Serbia is safer today with 30.4 tons of gold worth around 1.3 billion euros ($1.4 billion),” Tabakovic told reporters in Belgrade today. “For now, we have no plans to buy more.” …… For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-11-14/serbia-buys-nine-tons…

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