Belgium Plans to Repatriate 200 Tons of Gold from London
According to rtbf.be, Belgium plans to repatriate 200 tonnes of gold worth $6.2 billion from London. The date of the repatriation is kept secret for security reasons. A ship with 50 soldiers and a helicopter will escort the ingots to Belgium.
The Belgium Central Bank (BNB) has 227,4 tons of gold, representing 34.2% of its official foreign reserves: The bulk of Belgium’s reserves is held at the Bank of England (200 tonnes). The remaining 27 tonnes are held at the Bank of Canada, at the Bank for International Settlements (in Switzerland), and in Belgium.
The Belgian gold was transferred in London during the Second World War to keep the Nazi regime away from looting it. Belgium pays $280,000 in rent for the storage every year.
Global instability is on the rise, so governments and central banks want more control over their reserves.
Belgium Looking to Repatriate its Gold Reserves
According to media reports Belgium will start to repatriate foreign held gold reserves as well ..
— willem middelkoop (@wmiddelkoop) December 5, 2014
It only has a limited amount of gold stored at the Belgium National Bank (BNB); the bulk of Belgium’s reserves is held at the Bank of England, a portion is held at the Bank of Canada, and another portion at the Bank for International Settlements (in Basel).
It is essentially for historical reasons that the Belgian gold is held in England. It was transferred to London during the Second World War to keep the Nazi regime away from looting it.
After the Netherlands that just repatriated 122.5 tonnes, Germany, or even France (Marine Le Pen requested that the central bank repatriate France’s gold), another European country is showing interest for its gold stored abroad. There was also, recently, a referendum in Switzerland about repatriation of gold stored abroad.
Belgium owns 227.4 tonnes of gold, or roughly 7.3 million ounces: