Andrey Litvinov

The country's gold reserve fell to a 23-year low in July this year, according to Malta's central bank. As a result, Malta has little to no yellow metal left to protect its financial stability in the event of a crisis.

Gold has become one of the most talked about assets this year amid the global economy approaching stagflation a la 1970s as inflation rises and economic activity falls.

From the beginning of the year until the end of June, Kuwaiti citizens and residents bought about 9 tons of gold in the form of ingots, coins and jewelry. In value terms, the volume of demand turned out to be the same as for the same period last year.