Austria repatriates AU

[JulieW]

Six months ago we warned that Austria was considering it, and now, as Kronen-Zeitung reports, with no rigged Swiss-like referendum required, Austrian Central Bank Governor, and the person many claim is in Mario Draghi's inner circle of trust (soon to be revised) Edwald Nowotny has committed to repatriating 110 tonnes of gold. This is part of Nowotny's new "gold strategy" and with his position (on paper) as one of Draghi's foremost lieutenants, appears to be a big stab in the back for super money printing Mario.

www.zerohedge.com/news/2015-05-22/austria-confirms-faith-fiat-fading-repatriates-110-tons-gold-boe

 

[Pirocco]

Maybe Austria confirms that the cold war is over and keeping gold far far away from Russia isn't that needed anymore.

 

[JB3]

How is repatriating your own gold (as opposed to buying new stocks) a 'stab in the back for super money printing Mario'?

I think they are conflating two separate issues: the concerns about multiply-hypothecated gold reserves held abroad (and so not under one's own control) and the depreciation of fiat currencies: yes, they are linked but they aren't the same.

Repatriating your assets is about not trusting the people looking after it. That isn't the ECB - 80% of Austrian gold is held in the UK. [1]






[1]http://gata.org/node/11954