A week ago the Dutch Central Bank shocked the market by announcing they had successfully repatriated 122.5 tonnes of gold from the U.S. Federal Reserve. Now Belgium is going to formally request repatriation of their overseas gold. Belgium owns 227 tonnes of gold bullion which is the equivalent to 7.3 million ounces.

It appears the issue of gold repatriation is not going away. Last week French opposition leader, Marine Le Pen sent a letter to the governor of Bank of France demanding the French repatriate all their gold. Le Pen’s right wing party is gaining momentum in France after winning May’s European elections and with current polling data suggesting, Le Pen, will beat President Hollande in the next presidential election. France’s gold holding of 2,435.4 tonnes are the fifth largest in the world.

Following the request from the Netherlands and Belgium many are asking which country will be next? There are two reasons why a Central Bank would want to repatriate their gold. A belief that the financial global system is cracking after 40 years of fiat currency or concern Russia, China and the remainder of the Bric nations may launch a gold backed monetary system.