We’ve reported before on the increasing number of countries bringing their gold home. Now Romania joins the list; Romanian rulers proposed a law requiring 95% of Romanian central bank gold to be held in Romania, leaving just 5% abroad for use in trading and “generating income.”
This is very interesting because it directly contradicts one of the core tenets of the EU, which is that the ECB can control member countries’ central banking assets – particularly gold. Your Gold Enthusiast always finds it humorous when a central authority says they want to help you, now give them your gold… sounds more like a good old-fashioned stick-up doesn’t it?
In case you’re wondering, we’re not talking small change here, there is $4.37 billion USD at play here, 61 tonnes of which are currently held by the Bank of England. You’ll recall their current involvement in the Venezuelan gold situation. You can read more about Romania’s story in today’s featured article.
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