Remember when Germany attempted to repatriate its gold holdings from the United States Federal Reserve System but ultimately failed? Well, one country has successfully regained their gold reserves from the surreptitious U.S. central bank.
The Dutch central bank clandestinely brought back a considerable portion of the national gold reserves that were being stationed in a secure depot in New York. The gold was returned to Amsterdam at an undisclosed time.
According to a central bank media release, 120 tons of gold valued at around $4 billion was returned to the Netherlands by ship, and the high-security reparations ostensibly lasted for a few months. The Dutch now maintain 31 percent of their gold reserves in Amsterdam, while the remaining is in New York, Ottawa and London.
The purpose of the decision to repatriate its gold reserves was to ensure a greater balance of bullion in the vaults of the Dutch central bank. Furthermore, the Netherlands governments wants to increase the public’s trust that the central bank is capable and to enhance consumer confidence by proving to the general public that there is enough of the yellow metal to protect the country should it experience another economic collapse.
Here is what the Dutch National Bank (DNB) said in a statement:
“Changing the distribution of the gold holdings across the different locations is not without precedent. From the end of the Second World War until the early 1970s, for example, DNB increased its gold reserves following the Bretton Woods Accord, mainly in New York. Since then, there have been other movements in DNB’s gold stock. The main reasons for this being the gold sales in the past few decades and the closure of the vaults of the Reserve Bank of Australia, as a result of which DNB shipped gold from Australia to the United Kingdom in 2000.”
World Gold Council (WGC) documents say the Netherlands has 612 tons of gold, which is equivalent to approximately $25 billion.
Analysts purport that the Dutch – just like the Germans – are showing to the Federal Reserve that they don’t trust the century-old institution anymore. Here is what ZeroHedge wrote on the repatriation news:
“Keeping the German repatriation story in mind, the Netherlands are basically giving the Federal Reserve the finger. Unlike Germany, it does not trust the Federal Reserve more than its own central bank and it prefers to ‘sit’ on the gold in Amsterdam rather than store it in a foreign nation. This is a huge policy shift which cannot be underestimated, especially not if you look at all pieces of the puzzle.”
Gold has been in the news as of late, especially with the recent Save Our Gold referendum. Swiss voters will choose to prompt the Swiss National Bank to increase its gold reserves to 20 percent, cease selling its precious metals and ensure all the nation’s gold should be held within the borders of Switzerland.
The referendum is scheduled to be held Nov. 30.
The price of gold has fallen to under $1,200, while silver has been standing under the $20 mark for a while now.
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