A top Slovak political party official said his country should bring its gold home because even its allies cannot be trusted with it.
Ex-Premier Robert Fico chairs the biggest party in Slovakia. Last week, he called for a special parliamentary session on the country’s gold. He said the country’s gold reserves are not safe in England because of Brexit and the possibility of a global economic crisis.
Poland has repatriated 100 tons of gold from England. National Bank of Poland Governor Adam Glapiński announced the yellow metal’s return home on Monday.
“The gold symbolizes the strength of the country,” Glapiński told reporters.
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 diversify reserves and decrease their exposure to the US dollar. Just this week, China announced that it added another 10.3 tons of gold to its reserves in June. While many of the countries most aggressively buying gold have contentious relationships with the US, we’re seeing a growing number of “friendly” nations increasing their reserves as well.
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.
The classic image of this is the scene from the Christmas-season film It’s a Wonderful Life, with Jimmy Stewart. We’ve all seen it. Now, something similar is happening at the Federal Reserve Bank of New York. What’s different is that the run on the bank involves gold, not cash. The New York Fed will never run out of cash because they can print all they need. But they could run out of gold.”
Over the last several years, a number of countries have taken steps to bring their gold home.
You can now add Hungary to that list.
Germany has finished bringing home $31 billion of gold.
In early 2013, the Bundesbank announced a plan to repatriate massive amounts of its physical gold reserves back into Germany. The goal was to have half of its gold back within the country’s borders by 2020.
This week, the central bank announced it moved the final 100 tons from Paris earlier this year. It completed the move three years ahead of schedule.
Germany continues to bring its gold home.
In early 2013, the Bundesbank announced a plan to repatriate massive amounts of its physical gold reserves back into Germany. The goal is to have half of its gold back within the country’s borders by 2020. At nearly 3,400 tons, Germany’s gold reserves currently rank as the second-largest in the world.