Belgium reportedly plans to repatriate 200 tonnes of gold
Peter Walden, News Editor
5 Feb 2015, 12:25 p.m.
According to Belgian news agency, RTBF, the Central Bank of Belgium is planning on repatriating 200 tonnes of gold vaulted with the Bank of England. The gold was originally moved to the UK out of fear of Nazi theft in the 1930’s.
For security reasons no date has been given and according to RTBF a ship with up to 50 military personal and helicopter will transport the gold back to Belgium. Based on the current spot price the gold would be worth $7 billion.
It appears the issue of gold repatriation is not going away. Last year the Netherlands and Germany successfully repatriated gold held in New York and London. Pressure is also mounting in France with French opposition leader, Marine Le Pen demanding all French gold is repatriated. 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.
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 that Russia, China and the remainder of the Bric nations may launch a gold backed monetary system.