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Austrians Want Their Gold Back

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There is heated debate in Austria after it was revealed that the country’s National bank (OeNB) is storing its gold reserves in England.

 

In response to a parliamentary question the bank said that 224. 4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland and around 48.7 tonnes (around 17%) are in Austria itself.

 

The OeNB said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded. Since 2007 Austria’s National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.

 

Credit: Wikipedia

 

The bank’s governor Wolfgang Duchatczek revealed the statistics after a question by social Democrat MP Matznetter who wanted to know why Great Britain was regarded as the best place to store Austrian gold .

 

Duchatczek said: “The bank has always made it clear that our gold reserves are stored at the main gold trading centres.”

 

Currently that would be London and Switzerland – specifically Basel, he said. The gold that the bank has in Austria itself is stored at the Austrian Mint in Vienna.

 

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Austrian Times   http://austriantimes.at/news/Business/2012-11-22/45593/Call_to_bring_Austrian_gold_back_home_from_the_UK



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    Total 6 comments
    • Louis

      The Austrians (and Germans) were quite naive to entrust their gold to English and American banker thieves.

      • True News

        I think this policy started after WWII, when they didn’t have a choice, just like what happened with Germany… “the UK won the war and you WILL store your gold in London with us.”

        • Louis

          Since WWII was fomented and orchestrated by American and English banker thieves, I believe you are correct.

          By the way, THANK YOU for your tip about “resetting” browsers. It worked wonders.

    • dan

      Lol, store it on the moon, that crap been melted down an sold they aint got crap, if yer valuables arent in yer hands u dont own it.

    • Anonymous

      The Australian Official Seal is trademarked in the United States. Lot’s of other bizarre licencing and corporate involvement in Australia. I think it is one of a dozen or so nation states that are blatant-on paper corporate owned entities and not a proper ‘country’ as one would expect. There is a lot of funny business going on but it’s more than just Australia.

      • dan

        Still dont bring their gold back. Could be a million hookers free beer, free pony rides an when the sun sets guess what the gold is still gone, rules an laws sre for crooks, real men shake hands an mean what they say, govt judt a way fer u to work fer the man an have him break one off in ye when his dumd butt rules an laws fail. Lol crash an burn then start over, ….
        Still aint got dere gold…..that cracks me up

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