Tuesday, May 27, 2014

Austria to Audit Gold Reserves at the Bank of England

Just sent this email to the Reserve Bank of Australia, I will post their response, if any.

Morning Chris,

Interesting to read that Austria is going to send auditors to certify their holdings of 150 tons of gold held at the BoE.

Is there any plans to for the RBA to do likewise for Australia's 80 tons of gold held at the BoE?       

Austria to audit gold reserves at the Bank of England

From goldreporter.de

Article link

Austria's gold reserves stored in London are estimated at 150 tonnes.

Austria is planning to send auditors to the Bank of England in order to verify the existence of Austrias gold reserves stored in the British vaults.

The Austrian accountability office will sent a delegation to London in order to check on Austria's gold reserves stored in vaults at the Bank of England. This is reported by Austrian magazine Trend. The measure is seen as a consequence of growing public pressure. There is a rising disbelief among Austrians about the existence of their gold.

“I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations”, Ewald Nowotny, Governor of the National Bank of Austria tells Trend.

Austria officially owns 280 tonnes of gold of which 17 percent are kept in vaults inside the country. Around 150 tonnes are estimated to be stored in London.

In recent years doubts about the existence and the quality of Germanys monetary gold stored at the New York Fed and the Bank of England were raised by a rising number of sceptics. In January the Bundesbank eventually announced plans to repatriate most of Gemanys gold reserves until 2020.