And just like that, the list of countries who want to repatriate their gold just increased by one more, because after Venezuela, Germany, the Netherlands, and Austria, we now can add Belgium.
In December, we published an article about the intention of Belgium to repatriate its gold reserves > Read here
According to rtbf.be, Belgium plans to repatriate 200 tonnes of gold worth $6.2 billion from London. The date of the repatriation is kept secret for security reasons. A ship with 50 soldiers and a helicopter will escort the ingots to Belgium.
The Belgium Central Bank (BNB) has 227,4 tons of gold, representing 34.2% of its official foreign reserves: The bulk of Belgium’s reserves is held at the Bank of England (200 tonnes). The remaining 27 tonnes are held at the Bank of Canada, at the Bank for International Settlements (in Switzerland), and in Belgium.
The Belgian gold was transferred in London during the Second World War to keep the Nazi regime away from looting it. Belgium pays $280,000 in rent for the storage every year.
Global instability is on the rise, so governments and central banks want more control over their reserves.
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