Central banks repatriating gold?

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An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday.
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One central bank, quoted anonymously, said: "We did have it (gold) held in London... but now we've transferred it back to own country to hold as a safe haven asset and to keep it safe."

Rod Ringrow, Invesco's head of official institutions, who oversaw the report, said that is a broadly-held view.

"'If it's my gold then I want it in my country' (has) been the mantra we have seen in the last year or so," he said.
...
Click to expand...

www.reuters.com

Countries repatriating gold in wake of sanctions against Russia, study finds

An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday.
www.reuters.com www.reuters.com

Been a while since I heard any specific news on this topic...
 
Gold has hit a new ATH. Efforts to shine a light on central bank repatriations from the Fed vaults have been rebuffed. Romania in the news now wanting their gold back from Russia:

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The gold reserve of the National Bank of Romania, weighing 91.5 tons of fine gold (in coins and ingots), Queen Marie’s jewels, and important historical and cultural valuables were shipped to Russia in two stages, in December 1916 and in August 1917. ...
...
Cognizant of the fact that the issue of its gold reserve seized by the Russians is not known internationally, the National Bank of Romania Board decided to support the initiative to bring it to the fore at the European Parliament. For this purpose, the works authored by Cristian Păunescu, The Romanian National Bank Treasure taken to Moscow and never returned, and Ilie Schipor, Romania’s Treasury and its destiny. Arguments from the Russian Archives, were translated into English and distributed to every MEP. Moreover, on March 5, 2024, the exhibition ‘The gold Treasure of the National Bank of Romania sent to Moscow and never returned — A claim older than a century’, presenting the odyssey of the central bank’s gold, was opened at the European Parliament. ...
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www.politico.eu

The gold treasure of National Bank of Romania that was sent to Moscow

A claim older than a century — the odyssey of the central bank’s ‘evacuated’ gold that was never returned after the First World War.
www.politico.eu www.politico.eu

Pictures of the exhibition can be found here:


20240305_Bruxelles_1.jpg
 
Would you keep your own gold in the hands of the US government or any bank for that matter? I don't think so. If you are on the wrong side of their politics they will confiscate it.
 
nickndfl said:
Would you keep your own gold in the hands of the US government or any bank for that matter? I don't think so. If you are on the wrong side of their politics they will confiscate it.
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They say the reason for keeping the national gold reserves in NY and London is because they are the major trading hubs, so it'd be easy to sell it if needed.
 
* bump *

India's central bank has moved around a 100 tonnes, or 1 lakh kilograms of gold from the United Kingdom back to its vaults in India, and intends to move more in coming months, a TOI report claimed on Friday.
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The RBI held 822.1 tonnes of gold, with 413.8 tonnes stored overseas as of March end, data shows. The RBI is among the central banks that have purchased gold in recent years, having added 27.5 tonnes in the last financial year.
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Given the security and logistical concerns, moving such a heavy quantity of the precious metal required months of planning and precise execution. For context, 100 tonnes of gold is nearly 1/4th of India’s stock as of March-end.

It required close coordination between the finance ministry, the RBI, and various other government departments, including local authorities.
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Transporting the large quantities of gold required a special aircraft and comprehensive security arrangements. This move will also enable the RBI to save on some storage costs paid to the Bank of England, although these savings are not substantial.
...
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RBI gold UK: RBI moves 1 lakh kg of gold from UK back to India, first such move of this quantum since 1991 - The Economic Times

India's central bank has moved around 100 tonnes of gold from the UK to its domestic vaults, with plans to relocate more soon, according to a TOI report. This significant transfer, the first since 1991, addresses logistical and storage diversity concerns. The RBI, which held 822.1 tonnes of gold...
m.economictimes.com m.economictimes.com

I guess not all of the LBMA's gold is flowing to China...
 
It appears the big BRICS players are repatriating all their assets because something is up. The USA might not be the good guys anymore?
 
This post may contain affiliate links for which PM Bug gold and silver discussion forum may be compensated.
Pretty soon other countries will limit exports of gold like china, then the fireworks begin.
 


Direct links (no tweets):

timesofindia.indiatimes.com

Dhanteras delight: RBI says 102-ton gold shifted to India - Times of India

India Business News: The Reserve Bank of India has transported another 102 tonnes of gold from the Bank of England to secure locations within the country, bringing the tot
timesofindia.indiatimes.com timesofindia.indiatimes.com

www.newindianexpress.com

RBI brings back 102 tonnes gold from BoE; 60 per cent reserves in India

NEW DELHI: The Reserve Bank of India (RBI) has brought back another 102 tonnes of gold, which were kept in safe custody in the Bank of England and the Bank for
www.newindianexpress.com www.newindianexpress.com
 
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I have been trying to repatriate my gold from the bottom of the local lake for 20 years. So far no luck.
 
What will be the effect on Britain <-- Specifically Britain, because their brilliant leadership sold away all Brit gold at a very low price, and they ain't got none of their own at all now?
 
You will know the jig is up in whatever cointry you reside when the local physical supply dries up or when premiums skyrocket.
 
What if our government announced that they were doing a mandatory buyback of all gold held by Americans? Excluding jewelry, of course.


Who would sell their gold back?
 
nickndfl said:
You will know the jig is up in whatever cointry you reside when the local physical supply dries up or when premiums skyrocket.
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Yes, but premiums on industrial size bars in silver (1000oz) or on standard bars in gold (400oz), not just on retail bullion.
This has been going on in silver for quite some time, with ingots traded in China with a 10% premium over Western price.
 
SilverSamurai said:
Ancient wisdom:
A bar in the hand exists;
Foreign vaults go poof
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... unless you think about e.g. the people affected by hurricane Helene, or those in Valencia Spain the last days, then: bars in the hands go poof - with the car, and maybe the whole house -, bars in foreign vaults don't.
 
Peter89 said:
... unless you think about e.g. the people affected by hurricane Helene, or those in Valencia Spain the last days, then: bars in the hands go poof - with the car, and maybe the whole house -, bars in foreign vaults don't.
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RIIIIIIIGHT... Let's measure the number of tons of gold lost in hurricanes (over forty centuries) versus the number of tons of gold "lost" in vaults in the last ten years. Nah. Just five years.

And re-hypothecated gold is OK so far at 300+ people that all have that very same ounce of gold being held SAFELY for them in a sealed vault.
 
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Unca Walt said:
RIIIIIIIGHT... Let's measure the number of tons of gold lost in hurricanes (over forty centuries) versus the number of tons of gold "lost" in vaults in the last ten years. Nah. Just five years.

And re-hypothecated gold is OK so far at 300+ people that all have that very same ounce of gold being held SAFELY for them in a sealed vault.
Click to expand...
There are frauds Unca, that's why in choosing a company vaulting your pm one has to do some due diligence, among others looking at
- allocated
- third party audits
- clear statement about bars' ownership
- company's past track record
- custodians
- jurisdiction

I think you missed my point, my point was not that there are no frauds in the vaulting business, my point is that Keeping it at home is better than storing it in a vault, is not always true.
I'm a fan of diversification. Spread the risk.
 
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Peter89 said:
There are frauds Unca, that's why in choosing a company vaulting your pm one has to do some due diligence, among others looking at
- allocated
- third party audits
- clear statement about bars' ownership
- company's past track record
- custodians
- jurisdiction

I think you missed my point, my point was not that there are no frauds in the vaulting business, my point is that Keeping it at home is better than storing it in a vault, is not always true.
I'm a fan of diversification. Spread the risk.
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Yup. There ARE frauds. And there are straight-arrow outfits that go have gone rogue. The very, very bottom line: How many people have lost their gold while holding beautifully engraved certificates versus how many people have stashed theirs without a K-rand missing...

Bless your heart for sincerity, but bank failures, gummint bank security box raids, ripoff artists, straight-arrow starters that got crooked, etc., etc. -- Just add the numbers of ounces lost to thousands of people from those vaults yourself.

OYDHI - YDOI
 
Unca Walt said:
Yup. There ARE frauds. And there are straight-arrow outfits that go have gone rogue. The very, very bottom line: How many people have lost their gold while holding beautifully engraved certificates versus how many people have stashed theirs without a K-rand missing...

Bless your heart for sincerity, but bank failures, gummint bank security box raids, ripoff artists, straight-arrow starters that got crooked, etc., etc. -- Just add the numbers of ounces lost to thousands of people from those vaults yourself.

OYDHI - YDOI
Click to expand...
If I were to live in the USA I wouldn't keep 100% of my pm at home.
I'd let 30% of them to be stored in the Texas Bullion Depository.
And if I were to live in a bad neighbourhood area, or in an area prone to natural disasters, I'd probably double it.
If I were to live in a slum of Rio de Janeiro I'd triple it.

Keeping it at home is better than letting it store in a vault, is not always true.
imo
 
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