The Central Bank of the Netherlands has announced plans to repatriate 122 tons of its gold reserves from the United States, as part of an effort to keep its gold stock “balanced” and to “have a positive effect on consumer confidence.”
The Netherlands is the latest in an ever-expanding list of countries asking for their gold back from the United States. It is worth noting that the country also has gold reserves held in Canada and the U.K., but is not asking for any of that gold back, only U.S.-held gold.
Earlier this year, rallies were held in Germany to “End the Fed” and repatriate its 141 billion dollars worth of gold reserves from the U.S. over fears that the gold was missing and that the euro was collapsing– thousands took to the streets, demanding an end to the central banking system:
But despite public opinion, the German government concluded that the “Americans are taking good care of our gold” and decided to keep storing it in New York.
Venezuela repatriated its gold from the United States in 2012 and it took more than five months to complete delivery. Some analysts have theorized the reason for the delay was likely because the U.S. had to re-buy it because there was no gold to give them.
The “Save Our Swiss Gold” movement has also picked up steam this year and early polls showed a lead for “Yes” on the referendum. The vote will be held on November 30th. There has been a large propaganda movement put forth by the Central Bank of Switzerland and the Swiss Government to sway public opinion to vote “no”.
The referendum would:
- Prevent the Swiss National Bank from selling Swiss gold
- Require 20% of the bank’s assets to be held in gold
- Repatriation of all foreign-held gold reserves.
Even if the vote were to pass, it still faces significant roadblocks. The referendum would also have to be approved by the cantons of each province, which is believed to be unlikely.