Gold News: Romania Fighting The ECB for This Reason

gold chart
Written by Mike Hammer

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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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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