I wrote on November 25 about the growing list of European parties and governments that have been demanding that gold stored with foreign countries (including the US, be repatriated. Now Belgium and Austria may be joining in.
According to Koos Jansen:
In Europe so far; Germany has been repatriating gold since 2012 from the US and France, The Netherlands has repatriated 122.5 tonnes a few weeks ago from the US, soon after Marine Le Pen, leader of the Front National party of France, penned an open letter to Christian Noyer, governor of the Bank of France, requesting that the country’s gold holdings be repatriated back to France, and now Belgium is making a move.
And now it seems that Austria is discussing the possibility more often:
According to derStandard.at (as reported by Jansen):
The gold reserves of the Oesterreichische Nationalbank (OeNB) and their deposits in the UK and in Switzerland are a recurring theme in political discussions. Especially the Freedom to demand the relocation to Austria, along the example of the Deutsche Bundesbank in mind, who want to move half their gold by 2020 to Germany.
I don’t report this because I expect the dollar to collapse this afternoon, with gold rushing in as a replacement currency. Rather, the rising discomfort with having a country’s gold reserves stored inside the borders of a foreign country indicates a lack of stability in the current global monetary status quo, while also illustrating that in times of uncertainly especially, gold is looked to as a reliable source of value in the global economic system. If gold is not at least one type of money, and is a mere relic of ancient and outdated economic systems, why would anyone care about making sure it’s where one can easily access it?
