Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Romania a Step Closer to Repatriating Its Gold Reserves

  by    0   0

Romania moved another step closer to bringing all of its gold home this week.

According to Romanian news outlets, the Chamber of Deputies Budget and Finance Committee released a favorable report on legislation that would require the country’s central bank to repatriate its gold and hold it within the borders of the country.

As originally introduced, the bill would have required the National Bank of Romania to hold 95% of its gold reserves in the country. An amendment to the bill upped the level to 100%.

Currently, Romania holds about 65% of its 103.7 tons of gold at the Bank of England.

The bill’s legislative findings assert:

Nothing about Romania’s current economic landscape justifies keeping such a large quantity of gold reserves abroad, which incur quite significant costs, considering that this reserve can be properly stored and even increased in the country.”

The bill will now move forward for a vote in the Chamber of Deputies.

A National Bank of Romania official testifying before the committee raised objections to the bill, saying any change to the bank’s statute requires consultation with the European Central Bank. He also said the law would hinder the bank in its duty to manage the country’s gold reserves.

If the bill passes, Romania would join a growing number of countries repatriating their gold reserves.

Last year, Romania’s neighbor Hungary announced plans to repatriate its 3-tons of gold. Hungarian news reports said, “The decision seems to be in line with international trends as storage of gold reserves out of the country is now considered risky by more and more central banks.”

In the summer of 2017, Germany completed a project to bring half of its gold reserves back inside its borders. The country moved some $31 billion worth of the yellow metal back to Germany from vaults in England, France and the US.

In 2015, Australia announced a plan to bring half of its reserves home. The Netherlands and Belgium also launched repatriation programs. Even the state of Texas has put a plan in place to bring its gold within state borders.

Gold repatriation underscores the importance of holding physical gold where you can easily access it. Gold-backed exchange-traded funds (ETFs) and “paper gold” have their place. But true security and stability come from physical possession of precious metals. If you can’t hold it in your hand, you don’t really possess it. That’s exactly why these countries are bringing their gold home, safe within their own vaults.

TaxFreeGold.Banner.1000x285

Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Subprime Credit Card Charge-Offs Remain at Great Recession-Era Levels Despite “Booming” Economy

Last week we highlighted the rising level of auto loan delinquencies and the growing number of student loan borrowers who can’t make their payments. This week, we got some more bad news for lenders. Subprime credit card charge-offs remain at levels reminiscent of the Great Recession. In the first quarter of this year, credit card […]

READ MORE →

Texas Takes Another Step to Facilitate the Use of Its Gold Bullion Depository

Texas continues to take steps to make the state more friendly to gold and silver. Earlier this week, the Texas Senate gave final approval to a pair of bills that that would exempt precious metals stored in the Texas Bullion Depository from certain taxes. By repealing taxes on gold and silver, the state will treat […]

READ MORE →

Nope! Nothing to See Here!

Don’t worry. Nothing to see here! That was pretty much the message Federal Reserve Chairman Jerome Powell delivered in a speech he gave at the Atlanta Federal Reserve bank conference on May 20. Powell talked about the high levels of corporate debt. In fact, corporate leverage is at a record level of around 35% of […]

READ MORE →

China Sells Most US Treasuries in 2-1/2 Years Amid Threats of ‘Nuclear Option’

China sold off the highest level of US Treasurys in nearly 2-1/2 years in March. Meanwhile, there are renewed fears the Chinese could implement its “nuclear options” and sell off even more US debt in retaliation for US trade war tariffs. China sold $20.45 billion in Treasuries in March. That was the biggest US debt […]

READ MORE →

Auto Loan Delinquencies Approaching Great Recession Peak

a check engine light is onAuto loan delinquencies have surged to the highest level since 2011 and are approaching levels seen at their peak during the Great Recession. The percentage of outstanding auto loans in serious delinquency (90 days or more past due) jumped to 4.69% in the first quarter of 2019, according to the latest data from the New […]

READ MORE →

Comments are closed.

Call Now