Press "Enter" to skip to content

Austria Seeks To Audit Gold Reserves Held By Bank Of England

[heading]Austria to audit gold reserves at the Bank of England [/heading]

Austria wants to make sure the Bank of England has its gold still. As the most recent signal of European Union member suspicion of one another, one wonders if the Union can overcome the tension between member states.

Last year when Germany’s central bank, the Bundesbank, said it plans to ship home all 374 tonne of gold it stored with the Banque de France in Paris, as well as 300 tonnes held in Manhattan by the US Federal Reserve, by 2020, it had already had issues seeing its own gold, and come under scrutiny about its foreign gold holdings.

austrian-gold-philharmonicOne year later, the Federal Bank of Germany had only brought home 37 tonnes of gold.

A paltry 5 tonnes came from the US, with the rest coming from Paris. The US Fed holds 45% of the total 3,396 tonnes in German gold.


Austria has taken note. So it is sending a group of auditors to the Bank of England, where it keeps 150 tonnes of its gold worth more than $6.2 billion. According to Goldreporter. de only 17% of Austria’s 280 tonnes of gold reserves are held inside her borders.

Apparently under public pressure the Austrian accountability office has been forced to send the delegation to verify the bullion held in London vaults.

“I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations”, Ewald Nowotny, Governor of the National Bank of Austria tells Trend.Gold-Philharmonic-2.2

The Federal Reserve Bank of New York holds 1,536 metric tons of German gold – that is, nearly half of Berlin’s reserves.  Owners were not allowed to see their gold until 2007, “following numerous enquiries.” Bundesbank staff members went to see the facility, but they only made it to the anteroom of the German reserves….

Auditors made a second visit in May 2011. This time one of the nine compartments was opened, Gold bars there were densely stacked, and some were weighed. But this part of the report has been censored due to Federal Reserve Bank of New York request.

“I would like more transparency on the issue,” says Bundesbank board member Thiele.

In a bid to calm questions which have arisen regarding Germany’s gold reserves, the Bundesbank looks to bring back and analyze 150 tons of gold from abroad over the next three years.


Will Austria suffer the same, drawnout fate as Germany? Stay tuned to the GoldSilverBitcoin Blog to learn more.

Be sure to check out the beautiful 24k Austrian Gold Philharmonic today.  It is among one of the most recognized gold coins in the world.

Be First to Comment

Leave a Reply