Gold repatriation has been a hot topic in the last 2 years. After Germany, Venezuela, the Netherlands, Finland, Poland, Ecuador, Switzerland, it could be Australia’s turn.
The latest campaign baseline is “Return Aussie Gold” initiated by an Australian volunteer. On his campaign site he writes the following:
There is unprecedented structural change underway in the international gold market due to growing uncertainty around the global financial system. There are also substantial reasons for concern associated with storing Australia’s Gold Reserves in London.
As Australians let’s join together and petition The Federal Government to immediately act prudently and physically repatriate Australia’s Gold Reserves.
The ”Return Aussie Gold” website has a petition which should be signed by as much as possible people and returned as a hard copy in order to be valid. Go to the petition page.
From the FAQ section of the website:
Where is Australia’s gold and how much room is needed to store it on Australian soil?
Australia has 80 tonnes of gold which is managed by the Reserve Bank of Australia (RBA) as part of its foreign reserves assets. The RBA’s PR department has stated that Australia’s 80 tonnes of Gold Reserves is stored at the Bank of England, in London for cost efficiency and security reasons. However, Australia has international standard bullion storage facilities with capacity to store Australia’s gold at cost competitive rates. Also the cost to build a new Federal Government owned facility is negligible when compared to the current value of Australia’s gold ($3.3 billion).
To store Australia’s gold reserves, how much room is needed? A stack of 80 cubes (80 tonnes) would measure approximately 1.44m x 1.80m x 1.44m, which is smaller than a small car. Realistically, gold is stored in 12.5kg [400oz] bars on steel pallets, so 80 tonnes would take up an area around the size of an average Australian lounge room.
Thousands of tonnes of gold are transported around the world every year; therefore repatriating Australia’s gold would be a straight forward exercise.
Why is it critically important to repatriate Australia’s gold reserves back to Australian soil?
“Possession is nine-tenths of the law,” an expression meaning that ownership is easier to maintain if one has possession of something, or difficult to enforce if one does not.
Australia holds two main assets as foreign reserves, i.e. gold and currencies. Gold only makes up 6% of the total value.
Credit to GOLD SILVER WORLDS
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