Wednesday, September 4, 2013

The Poles want their Gold back from The Bank of England


Just like Australia (see here) Poland has almost of all of its central bank gold reserves stored in the gold vault of The Bank of England. And just like Australia a group of patriotic Poles want it back.

From oddajcienaszezloto.pl

Translated from Polish:

To: The President of the Polish National Bank

Dear Mr. President,

Many gold market experts are concerned about the risks posed by the storage of Polish gold reserves abroad, and insist on bringing the gold reserves back to Poland.

In Germany, the process of returning gold reserves from the UK, USA and France is becoming a reality. A referendum is being written for a similar case in Switzerland, where the majority of citizens are in favor storage of gold reserves being returned to their homeland.

In the face of the ongoing financial crisis and exacerbating conflicts where to store gold reserves no longer only "journalistic subject".

We strongly believe that, contrary to the voices of some economists, similar demands and already implemented projects are not cheap populism. Professor Guido Hülsmann of the French Université d'Angers believes that "in a world drowning in debt, gold is the ultimate safe haven. The central banks know it better than most people, even if they pretend in their daily work, that such concerns are irrelevant. "

Given such a view is not surprising there have been massive purchases of gold by central banks of countries such as Russia, Mexico, South Korea and many other rapidly developing countries. No wonder also that the strengthening of its currency tends to hold gold in their national treasuries, so that it is always available. The importance of the availability of gold highlights John P. Cochran School of Business at Metropolitan State University in Denver: "The key to the success of any potential currency based on gold is the idea that the delivery of gold on demand (public) is critical."

But the most important argument raised by many economists to conclude that adequate reserves of gold in the country is essential to carry out any monetary reform. Germany and the Swiss behave in this matter very pragmatically.

As initiators of Polish return of our gold, now deposited in the Bank of England, we hope that the Polish National Bank will pursue this very important future operation of the Polish currency, and finally deposit Polish Polish gold in the country's own vaults.

A letter on behalf of the initiators of the shares signed Peter Wojda - Mint Vice President of Wroclaw