The Inflation Genie Is Out Of The Bottle

“Gold is still considered to be one of the world’s safest assets, whose characteristics can be
attributed to gold’s unique properties such as finite supply of physical gold, and lack of credit
and counterparty risk given that gold is not a claim against a specific partner or country.”

Dear Investor,
The quote above is from the Hungarian Central Bank (Magyar Nemzeti Bank), which announced on
April 5, 2021 that it purchased another 63 tonnes of gold bullion, thereby tripling its gold reserves to
94.5 tonnes. I might add that the MNB sources its gold in London but repatriates back to Hungary to
ensure possession and ownership. Gold bullion now represents over 14% of the Central Bank’s

Read the full Q1 2021 Newsletter here.