The Race to Repatriate Gold Reserves Accelerates
For years, a trend has developed that, much to the dismay of global financial elites, has taken hold and will only accelerate from this point on.
The trend I speak of is none other than the global repatriation of gold reserves from Western powers such as the United States and the United Kingdom. Since the end of World War 2, both have been the main depositories of gold reserves for countries around the world.
This was once driven out of necessity. These two locations were considered the safest places in the world to keep hard money assets after many countries found their reserves ransacked and their countryside ravaged by war.
Fast forward to today. People are scratching their heads, wondering why they are keeping their hard money in far-off lands, protected by countries they are increasingly disconnected with, who are irresponsible in their daily financial lives, running up massive deficits and exploding debt levels.
Just this week, Hungary joined the growing list of countries who have demanded their physical gold reserves returned to them, perhaps sensing the global tide of unrest.
Deciding to bring back 100,000 ounces—or 3 tons of the yellow metal—they join the ranks of other countries that have recently made this decision. Countries such as Austria, Germany and the Netherlands.
For years I have written about each of these repatriations, and for years I have stated that more and more countries would make the wise decision to try and get back as much of their gold as possible, before they are left empty handed.
Austria demanded 15 tons of gold and indicated they plan on bringing home much more. Germany shocked the world by announcing a long-term plan to bring back the majority of its foreign-held gold deposits from the United States and France, while the Netherlands repatriated 120 tons, as well.
Sooner or later, any country that is smart and has gold held in foreign locations will wise up to this trend and demand to have their gold returned to them as well, to help protect their people in the coming financial turmoils that are sure to arise in the future.
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