Austrian Gold Repatriation
Austria Considering Repatriating its Gold
Austria is examining bringing its gold held in London back to Vienna
Update December 11, 2015: Austria repatriates another 15 tons of gold from London–
Austrian gold repatriation explained by Austrian National Bank in this video
Update: October 20, 2015 – Austrian Central Bank President claims goal is to have 50% of its country’s gold in Austria
Gold Repatriation Craze Strike Austria as Vienna Wants its Piece of the 6,000 Year Old Bubble Back Home
Update May 22, 2015: Austria Repatriates 110 tons of its gold from London.
From Reuters Africa re Austrian Gold Repatriation
Austria has 280 tons of gold, of which seventeen percent is kept in Vienna, Austria. Eighty percent of Austria’s reserves are located at the Bank of England in London and three percent are held in Switzerland.
Earlier this year Austrian gold repatriation was a hot topic as there were reports that Austria was interested in auditing their gold held at the Bank of England in London.
Now Austria wants its gold back.
Austria is taking under advice of the Austrian state Audit Court the repatriation of their gold held in London.
The Austrian state audit court has issued the following advice: “given the high concentration risk in the Bank of England it advises the examiner to rapidly evaluate all possibilities of a better dispersion of the storage locations.”
Austria’s gold repatriation consideration follows news of a possible Belgian gold repatriation, a recent gold repatriation request by France’s National Front to the Bank of France and the Dutch repatriation of their gold from the New York Fed last month.
These recent gold repatriation actions follow similar repatriation requests from countries holding gold outside their borders including Germany, Switzerland (pursuant to a populist referendum Save Our Swiss Gold) and Venezuela (repatriation completed).
The recent spate of gold repatriations and requests/considerations to repatriate gold highlight the importance of gold as a reserve asset.