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 most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
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

10% Gold in Your Investment Portfolio; Get Ahead of the Crowd

Last week, Independent Strategy head David Roche said gold could hit $2,000 by the end of the year. And Rosche isn’t the only big name in the investment world who sees a shiny future for the yellow metal. Mark Mobius recently said he thinks gold could push above $1,500 as central banks move interest rates […]

READ MORE →

World Gold Council: Gold Could Shine as Heightened Risk Meets Easy Money

Gold Flows into ETFs for Second Straight MonthGold will likely shine over the next six to 12 months as heightened risk meets easy money — this according to the World Gold Council’s mid-year outlook. Gold ranked as one of the best-performing assets through the first half of 2019, beaten only by stock markets – which have also been supported by the turn […]

READ MORE →

Gold-Backed ETF Gold Holdings Chart Biggest Increase in Seven Years

Holdings in global gold-backed ETFs surged in June, charting their largest increase in seven years driven by increased geopolitical uncertainty, fear of an economic slowdown and widespread anticipation of looser central bank monetary policy. Globally, gold holdings in ETFs rose sharply by 127 tons last month, according to the latest data from the World Gold […]

READ MORE →

Poland Gobbles Up Gold, Plans to Bring It Home

Poland has added 100 tons of gold to its reserves through the first half of this year and plans to move at least half of its hoard from England to National Bank of Poland vaults in Warsaw. We’ve reported extensively on gold purchases by central banks, particularly China and Russia as those countries seek to […]

READ MORE →

China Adds to Gold Hoard for the Seventh Straight Month

For the seventh straight month, China added a significant amount of gold to its official reserves. The People’s Bank of China’s gold hoard grew another 10.3 tons in June, according to information released by the bank. Over the last seven months, the Chinese have increased their gold reserves by just over 84 tons.

READ MORE →

Comments are closed.

Call Now