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Gold Prices in Hungarian Forint
Gold is often associated with the U.S. Dollar, but the yellow metal can be transacted in any currency. If you are looking to buy or sell gold in Hungary, you would likely see gold prices quoted in Hungarian Forint. Gold may also potentially be quoted in other key currencies such as dollars or euros. The price of gold is quoted per ounce, gram or kilo.
The official currency of Hungary is the Hungarian Forint. This currency was introduced in 1946, and was a major step forward for the country looking for stability in the aftermath of World War II.
The forint was introduced by the Hungarian Communist Party in 1946 after the previous currency was rendered essentially worthless due to hyperinflation.
In the past, the forint was comprised of 100 filler, although these coins have not been in circulation since 1999.
The forint’s name is derived from the city of Florence, which minted gold coins from 1252 called fiorino d’oro.
The value of the Hungarian currency remained stable for decades after its introduction, but its value began to slide in the 70s and 80s. The currency has been relatively stable since 2000, but its strength has also acted as a thorn in the side of the country’s exporters.
Gold Pricing in Hungarian Forint
Whether you are in Eastern Europe, South America, Asia or Canada, the price of gold is going to be affected by similar factors. Gold can have periods of sideways price action and it can also have periods of large price swings and volatility.
Gold is used extensively in jewelry, but its primary demand comes from investors including central banks, institutions and individual investors. Some of the biggest factors that influence the price of gold include:
- Central bank activity
- Currency markets
- Investment demand
The Hungarian Mint
The Hungarian Mint has a long and rich history that began with the minting of the silver denar under Hungary’s first King, St. Stephen, in 1001. The mint was at one point in its history located in Slovakia. It was moved to Budapest in 1925, however, and reestablished as the Hungarian Royal Mint.
After World War II< the mint operated under the name Hungarian State Mint and struck forint coins. The National Bank of Hungary has been the mint’s sole owner since 1998. Today, the mint produces Hungarian circulation coinage as well as commemorative coins and medals. The mint has a reputation for the highest quality and craftsmanship and has been the recipient of awards to that effect.
The Hungarian Mint produces different coins issued by the central bank to commemorate important dates, events and figures in Hungarian history. The first collectable forint coin was issued in 1948, and celebrated the 100th anniversary of 1848-49 revolution and war of independence. The bank established a regular schedule for new coin launches that are minted as collectables.
The majority of Hungarian collector coins are produced in two grades: brilliant uncirculated or proof. The majority of gold collector coins are struck with a proof finish. Gold coins are not issued every year, as they are used for special occasions, anniversaries or events.
The limited mintages of such gold coins can potentially add to their value and collectability.
Like other countries, the central bank of Hungary maintains part of its reserves in gold. Central banks hold gold to potentially provide a means of reserve diversification as well as for its perceived stability. In fact, central banks look to old gold for many of the same reasons that individuals do.
Hungarian gold coins can make an excellent addition to any gold portfolio or coin collection. These coins are minted with the highest quality, and feature some unique and interesting design themes.
Gold may potentially play an increasing role in the portfolios of Hungarian investors. The yellow metal can potentially provide a hedge against inflation and declining currency values, and can also potentially provide peace of mind due to its long history and reputation as a store of value.