GIG-OS ENGLISH: The Austrian gold returns home

The Austrian gold returns home

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Countries accumulate gold, whether it is for replenishing their gold reserves or just for keeping it in its homeland. That has been the case of Austria, which recently took the decision to bring home 110 tons of yellow metal which are stockpiled abroad.

What does it suggest for the future of gold? Global InterGold offers fresh news

According to the officially confirmed information published by mass media, the Central Bank of Austria plans to bring back half of the gold reserves to the territory of the country. The deadline of this project has been set by 2020.

Austria's largest newspaper Kronen Zeitung published the confirmation of the Austrian Central Bank's authorities of their intentions to get 50% - 140 tons - of the gold reserves in the national territory, while now there is just 17%.

What does this plan imply? Austria plans to repatriate more than 100 tons of yellow metal from the Bank of England, which has been keeping 80% of Austrian gold. 92.4 tons are planned to be stored in Vienna, and 47.6 tons will be stored in the neighbour country Switzerland. This decision has been taken based on the recommendations of the Audit Chamber of Austria.

The gold reserves kept in the National Bank of Austria comprise 280 tons and this quantity remains unchanged since 2007. In accordance with the storage policy of the National Bank of Austria, 17% of gold reserves at the moment are kept in Austria, 80% in the United Kingdom, and 3% in Switzerland.

This suggests that the possession of gold is picking up steam and that leads more and more countries to bring back home their respective reserves.

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