Euro countries scramble to bring home gold reserves

Photo credit: Andrzej Barabasz (Chepry).

Do we ever know how much gold reserves the Philippine government has in its coffers? And how much of the gold reserves are kept in the Bangko Sentral ng Pilipinas’ vault, if ever there is? And where majority of the gold reserves are kept overseas, or what particular country or countries?

Currently, European Union countries are somehow in the scramble to retrieve and reclaim their gold back to their own national vaults.

This is somehow brought about by the financial crisis some of European countries are mired into.

According to reports, the Netherlands has moved 122 tons of gold worth $5 billion from the New York vaults already. It is considered 20 per cent of its total of 612.5 metric tons of gold reserves in November.

Earlier in 2013, Germany planned to repatriate its gold but did not push through, it opted to leave $635 billion worth of gold in US vaults, instead. The country only keeps about 31 per cent of its gold at in Bundesbank Frankfurt while forty-five percent is in New York, 13 percent in London and 11 percent in Paris.

Meanwhile, Switzerland with its initiative of ‘Save Our Swiss Gold’ referendum, which will be held as early as November 30, is aimed at forcing the Swiss National Bank to convert a fifth of its assets into gold and repatriate all of its reserves from vaults in the United Kingdom and Canada.

In France, the leader of National Front party is calling on its central bank to get back their nation’s gold reserves from overseas vaults.


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