French opposition leader, Marine Le Pen, has 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.
Le Pen is demanding all French gold held abroad is repatriated to France and to stop all future sales and increase the role of gold as a reserve asset.
The letter from Le Pen comes only days after the Dutch National Bank announced they had successfully repatriated 122.5 tonnes of gold form the New York Fed. It appears Central Banks are becoming increasingly concerned about vaulting their gold abroad.
The issue of gold repatriation is not going away. On the 30th of November the Swiss will go to the polls to decide if Swiss gold held in London and Canada should be repatriated. The majority of the world’s central bank gold is vaulted with the New York Fed and the Bank of England. Many believe the gold has been leased out under a fractional gold system.