Here's an RT video on the subject: This is going to propagate like a domino effect. I'm saying this, because we've only seen a few "drops" of gold-buying frenzy at around 2012-2013-2014... now, more and more countries are buying. First, a few started repatriating: Germany, the Netherlands, Venezuela, Switzerland (I read this, but correct me if I'm wrong: even they held gold abroad?). Many started buying (but mainly eastern countries): Azerbaijan, Kazakhstan, China (were prolly buying for a long time), Russia. Then, more countries moved in: Hungary, Slovakia, Serbia... In fact, what I've heard is Hungary's 60+ tonnes gold reserves were sold roughly entirely around the 1990's (their ex-communist, not surprisingly officially liberals considered gold is "old fashioned", but in fact they were most likely compensating "holes in the country's budget"... so, they sold the 60+ tonnes in 1996). Hungary was left with 3-3.5 tonnes (different sources), which they sold entirely 1-2 years ago (prolly the gold was held outside the country) - my guess: the USA? So, they sold it all. 1-2 years ago Hungary bought 31+ tonnes recently (and keep all of the gold in Hungary): https://tradingeconomics.com/hungary/gold-reserves?poll=2019-09-30 Poland bought a staggering (regionally certainly huge) amount of 100 tonnes from England: https://www.bullionstar.com/blogs/r...ary-with-huge-gold-purchase-and-repatriation/ Poland and Hungary are both using their own currencies and until the euro is "shaky", it doesn't look like they're even intending to swap for the more centralized "eurocrat" currency. Serbia, Slovakia followed with smaller amounts. Although 50 % smaller, Slovakia too owns around 31 tonnes (they use the euro as they've abandoned their own currency many years ago): https://tradingeconomics.com/slovakia/gold-reserves?poll=2019-09-30 Serbia's (non-EU country) stats are interesting, they've been gradually increasing their gold reserves and are now at 21+ tonnes: https://tradingeconomics.com/serbia/gold-reserves?poll=2019-09-30 If the smaller, former communist-block countries started buying, then the situation is serious. According to a source, these countries own an average of 4-5-6 % of their "foreign" reserves in gold. Which makes me think: it's a tiny amount. But for some reason they're not buying huge loads. It also costs a lot. If they hold around 5 % of their reserves in gold, most of the rest must be US dollar-denominated assets (but in reality, they're LIABILITIES! ) My guess: they bought the gold with US dollars? Another set of smaller countries + Kazakhstan (which is rather large, but not an economic power) with surprising amounts of gold holdings: Netherlands: 612+ tonnes, Kazakhstan: 377+ tonnes, Portugal: 382+ tonnes, Lebanon: 286+ tonnes. I'm stunned to see Portugal's nearly 400 tonnes. Lebanon is a heck-of-a-lot more imposing, taking account of its size and population.