Austria to repatriate gold vaulted with the Bank of England
By Duncan Richardson, News Editor
01 Jun 2015
The Austrian Central Bank has announced they are to repatriate £3.5 bn of its gold reserves stored in the UK. The move comes after auditors warned against the risks of vaulting such a high percentage of their gold overseas. The repatriation will occur over the next five years.
Up to now the Austrian Central Bank like many nations has stored the majority of its gold with the Bank of England. The gold will be flown to Vienna in 5 ton consignments in heavily guarded planes.
Last year both Germany and the Netherlands decided to repatriate a proportion of their gold vaulted in New York, Paris and London. A number of commentators believe nations are becoming increasingly concerned their gold has been leased out under a fractional gold system and no longer remains physically stored as promised.
Since 2007 Austria’s gold reserves have remained unchanged with 80% vaulted in the UK, 17% in Austria and the remaining 3% in Switzerland