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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.
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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. ...
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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. ...
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.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.
Thursday, March 14, 2024 - Lawmakers in the European Parliament today adopted a non-binding resolution saying Russia should return to Romania gold and other valuable heritage items that were sent to Moscow during World War I for safekeeping, a Romanian lawmaker said.
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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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Landlubbers?...
Who would sell their gold back?
Liberals who inherited their gold from their conservative parents.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?
Yes, but premiums on industrial size bars in silver (1000oz) or on standard bars in gold (400oz), not just on retail bullion.You will know the jig is up in whatever cointry you reside when the local physical supply dries up or when premiums skyrocket.
... 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.Ancient wisdom:
A bar in the hand exists;
Foreign vaults go poof
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.... 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.
There are frauds Unca, that's why in choosing a company vaulting your pm one has to do some due diligence, among others looking atRIIIIIIIGHT... 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.
Yup. There ARE frauds. And there are straight-arrow outfits thatThere 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.
If I were to live in the USA I wouldn't keep 100% of my pm at home.Yup. There ARE frauds. And there are straight-arrow outfits thatgohave 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
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