Austria demands audit of gold held in London
Victoria Hewitt-Marsh, News Editor
27 May 2014, 11:16 a.m.
Overnight Bloomberg reported The Austrian Central Bank is to send a team of auditors to the vaults of The Bank of England to verify its gold reserves.
Currently 80% of Austria’s 280 tonnes of gold is held in London with the remaining 20% in Austria.
Austrian politicians and bankers have come under increasing public pressure to undertake an audit, with many Austrians questioning if the gold still exits.
Ewald Nowotny, Governor of the National Bank of Austria told news agency Trend “I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations.”
Last year Germany’s Central Bank, the Bundesbank, started the process of repatriating all gold held in France and 300 tonnes of the gold from America.
Only 37 tonnes of gold was repatriated 2013, leading many to speculate if Germany’s gold stored outside the country still exists.