Gold and Silver Pull Back — Smart Money Buys When Others Wait 
In a landmark decision for the region, Serbia’s National Bank plans to store all of its gold reserves domestically, eschewing established bullion centers in Switzerland, the U.K., and the U.S.
Since 2019, Serbia purchased 17 tonnes on international markets and acquired another 19 tonnes from Zijin Mining’s local unit, bringing its total to 50.5 tonnes—valued at about $6 billion. Repatriation began in 2021 as geopolitical risks rose, especially after Russia’s reserves were frozen in 2022, exposing the political dangers of holding assets abroad.
While domestic storage bolsters security during crises, the bank acknowledges that keeping metal in global hubs offers easier avenues for lending or selling. Governor Tabakovic says the final five tonnes still in Switzerland will return “as soon as possible.”
