Submitted by Ronan Manly, BullionStar.com

It was almost inevitable that the Czech Republic would buy more gold.

With all of its regional neighbors having recently either repatriated large quantities of gold (Germany and Austria), or bought large quantities of gold (Poland and Hungary), it seems that the Czech Republic has now taken note and does not want to be left out of this Central European gold rush.

On 26 May in an interview with Czech publication Ekonom, the incoming governor of the Czech National Bank (CNB), Aleš Michl, said that he plans to massively increase the central bank's gold reserves from the current 11 tonnes to over 100 tonnes or more.