Australia Wants Its Gold Back

Gold repatriation has been a hot topic in the last 2 years. After Germany, Venezuela, the Netherlands, Finland, Poland, Ecuador, Switzerland, it could be Australia’s turn.

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The latest campaign baseline is “Return Aussie Gold” initiated by an Australian volunteer. On his campaign site he writes the following:

There is unprecedented structural change underway in the international gold market due to growing uncertainty around the global financial system. There are also substantial reasons for concern associated with storing Australia’s Gold Reserves in London.

As Australians let’s join together and petition The Federal Government to immediately act prudently and physically repatriate Australia’s Gold Reserves.

The “Return Aussie Gold” website has a petition which should be signed by as much as possible people and returned as a hard copy in order to be valid. Go to the petition page.

From the FAQ section of the website:

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Where is Australia’s gold and how much room is needed to store it on Australian soil?

Australia has 80 tonnes of gold which is managed by the Reserve Bank of Australia (RBA) as part of its foreign reserves assets. The RBA’s PR department has stated that Australia’s 80 tonnes of Gold Reserves is stored at the Bank of England, in London for cost efficiency and security reasons. However, Australia has international standard bullion storage facilities with capacity to store Australia’s gold at cost competitive rates. Also the cost to build a new Federal Government owned facility is negligible when compared to the current value of Australia’s gold ($3.3 billion).

To store Australia’s gold reserves, how much room is needed? A stack of 80 cubes (80 tonnes) would measure approximately 1.44m x 1.80m x 1.44m, which is smaller than a small car. Realistically, gold is stored in 12.5kg [400oz] bars on steel pallets, so 80 tonnes would take up an area around the size of an average Australian lounge room.

Thousands of tonnes of gold are transported around the world every year; therefore repatriating Australia’s gold would be a straight forward exercise.

Why is it critically important to repatriate Australia’s gold reserves back to Australian soil?

“Possession is nine-tenths of the law,” an expression meaning that ownership is easier to maintain if one has possession of something, or difficult to enforce if one does not.

Australia holds two main assets as foreign reserves, i.e. gold and currencies. Gold only makes up 6% of the total value.

If the value of the currencies held by the RBA (and every other Central Bank) plummets due to a new GFC, gold will be the back-up reserve. This is exactly the reason gold is held now.

Why is Australia’s gold insurance seriously lacking?

Foreign reserves are assets held by Central Banks to back its country’s liabilities. These assets are generally gold and different reserve currencies, mostly the US dollar and to a lesser extent the Euro, the UK pound sterling and the Japanese Yen.

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The International Financial System is based on the circulation of the US dollar and other currencies.

Gold is an internationally acceptable wealth storage asset that does not carry any counter-party risk. Due to this fact gold is held to manage and diversify the counter-party risks associated with holding currencies (e.g. US dollar) within foreign reserve holdings as the RBA said in 1996, gold is “insurance against the breakdown of the international financial system.”

The following is the amount of gold some major Central Bank hold as foreign reserves (source WGC) at June 30 2013: USA (70% gold), Germany (66% gold), France (65% gold), Italy (65% gold), European Central Bank (27% gold), Spain (23% gold) and United Kingdom (12% gold).

Prior to the RBA selling 167 tonnes of Australia’s gold, Australia held about 20% of its foreign reserves in gold, which was roughly in line with the gold holding of developed countries. (source RBA)

Australia now holds only 6% of its foreign reserves in gold (Source – IMF and World Gold Council)

Can the Federal Government ask the RBA to repatriate Australia’s gold reserves?

Yes. As an independent Central Bank the RBA Board of Directors manages the affairs of the bank, but is accountable to the Parliament for its actions.

Section 11 of the Reserve Bank Act 1959 lays down procedures which are to be followed if there is a difference of opinion between the Australian Government and the Reserve Bank Board as to whether the monetary and banking policy of the Bank is ‘directed to the greatest advantage of the people of Australia’.

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  • aussie4

    good im Australian and will be signing this. fancy storing gold in London or usa of all places these are the most unsecure.

  • Rod Holden

    Thanks very much Taki, I appreciate you helping to spread the word. Best regards Rod Holden – Principal Petitioner – Return Aussie Gold

  • George

    Just a little clearing of the air here. If you are a Country, Nation, Corporation, or Person, and you have ANY gold which is now in the hands/vaults of the Federal Reserve Corporation Central Bank, European Central Bank, City of London, or any other “Central Banking” institution, your gold has been hypothecated, re-hypothicated, re-re-hypothicated and leased out, sold, stolen or whatever other word associated nomenclature for theft is, your gold is GONE!! You will NEVER see it, touch it, or have it in your possession ever again!

    Looks like the Central Planners and Bankers fooled the world once again.

  • James

    It would be to the advantage of the Australians to retrieve their gold from the Bank of England. These western bullion banks have an agenda to suppress the price of gold by leasing huge quantities into the market at bargain basement prices with the only purpose being to driving the price down. A high gold price doesn’t go well with maintaining the perceived value of the Dollar fiat currency.

  • gerry d welder

    …and your guns back?

    …and lose the ‘queen’ and the whole ‘royalty’ thing?

    …and kick the IMF, World Bank and the rest of the UN’s agencies, commissions and organizations out of your country?

    Good start!

    Lagarde’s (IMF) salary is over $800,000 + per year PLUS thousands in ‘stipends’. and she PAYS NO TAX.

    Who pays her? WE DO, WITH OUR TAXES!

    “most UN employees pay no tax”. WHAAAT?

    The IMF and World Bank are UN agencies of now countless agencies, commissions and organizations sucking the life out of the world and individual freedoms.

    The IMF is the third biggest holder in the world of gold after the USA and Germany (where did IMF get all that gold? … ask NATO).

    The IMF is supposed to help struggling countries with the gold but instead the world is going broke while the IMF is getting fantastically wealthy, more powerful and authoritarian and is demanding more world taxes while it’s own hoards of gold pile up.

    It’s no longer ‘the’ gold, it’s now ‘their’ gold.


    10 nations that control the world’s gold – MarketWatch
    Oct 20, 2012 … The International Monetary Fund is the third-largest official holder of gold, with more than 2,814 tonnes.

    The IMF is ANOTHER UN agency, it is not a ‘nation’, it has been deemed ‘supranational sovereignty’ (deemed by the UN, and the ‘International Court of Justice’ -another UN agency). so the UN creates an agency to deem itself and it’s other agencies supranational sovereignty over the world and makes it’s own laws, decides it needn’t pay any tax nor provide any revenues -sweet deal if your a UN employee.

    UN? Proven corrupt, unelected, made up mostly of 3rd world dictatorships.

    NATO, the UN, (and all it’s agencies including the IMF and World Bank, and all of it’s commissions, organizations, etc), all have the same boss, they’re all really just tentacles of one giant vampire squid.

    Notice the elimination of individual accountability? ‘NATO’ decided this or that, the ‘UN’ deemed this or that, and we must all comply regardless of our rights, freedoms and laws of OUR OWN COUNTRY. Any official that your taxes fund needs to be thrown out if they support the UN. The working tax payer needs to be mobilized against funding the UN.

    The UN and it’s agencies, the IMF and World Bank, produce nothing, are not subject to the laws of any country it operates in, pays no tax, generates no revenues, is confiscating your wealth through taxes and complicit federal government agencies.

    We have been funding the United Nations University Institute for Sustainability and Peace (UNU-ISP) since 1972. How’s that sustainability & peace working out? How many of their ‘professors’ & administrators are now comfortably retired on obscenely fat tax funded pensions? The UN includes the ‘World Tourist Agency’

    The UN is ramming ‘Agenda 21’ and ‘Common Core’ down the throats of the world, the UN’s World Bank is complicit in forcing poor farmers off their own land in Africa and South America for corporate and university endowment ‘tree farm/carbon credit’ investments, is deeming sovereign resources off limits, trying to eliminate (citizen’s only) the right to bear arms, our country’s sovereignty and our individual freedoms and now trying to force a ‘world’ climate change tax and ‘world’ wealth tax on us.

    …time to take back control of our own waterways, resources and de-fund the UN, kick them out of our country, claw back pensions and restitution of it’s assets.

  • Arizona

    YOU aussies ain’t getten nothing back ,THE FEDERAL RESERVE ,belongs to the QUEEN,ands she has no plans to give back something she already sold,NAMELY EVERYONES GOLD,it was all sold to the chinese,ITS GONE,too late to cry its gone………YOU SHOULD NEVER HAVE TRUSTED A KNOWN WHORE,with nothing

  • Opinion

    1. Well, for Australia it made/makes still the most sense (if any) of most countries to hold their gold at London as it’s part of the Commonwealth. And as they failed to vote themselfs free from the queen, it’s a wonder they claim their gold back at all…

    2. “The following is the amount of gold some major Central Bank hold as foreign reserves (source WGC) at June 30 2013”

    Such sentences always ought to contain the word “allegedly” or “on paper”!

  • Digby Green

    I cant believe how little room 80 tonnes of gold takes up.
    A small lounge ?
    Surely Australia can afford to build a storage room that big.
    Why they could use my lounge and 2 tough guys.
    But I’m in New Zealand

  • Jeffery Barmann

    Clean drinkable water will be worth its weight in gold before it’s over. You can drink water and survive. You can’t drink gold and it will be worthless.

  • Dane

    the Australian People lost all rights to anything but slavery when they gave up their guns. Too bad suckers!

  • JAFO

    Go throw some shrimp on the b-b-q boys. Because you’ll have a long wait. If the gold is there its been leveraged if it ain’t … Well in either case you are not getting it back.

  • Cannonfodder2010

    arrogant tiny island ….stored at the Bank of England, in London for cost efficiency and security reasons…
    Doesn’t Australia have any modern facilities being a rather large and somewhat civilized continent?

  • green&gold

    Won’t be
    too much longer now and the Australians will retake the cricket ashes and the
    poms will start to cry, now that is golden.

  • John Garrett

    I have some water I’ll sell you.

  • ddearborn

    Obviously the FED HAS NO GOLD AND NEITHER DOES THE BANK OF ENGLAND!!!!!! This is precisely why they have manipulated gold prices down by 50% because they know they must at some point return this gold. The problem for them is that Russia, China and India between them are taking nearly the entire yearly production of gold worldwide.

  • Josey

    A famous American known for his unusual “Common Sense” once remarked this statement, when he was being sold on a certain investment.

    “I am more concerned with the return OF my money, than the return ON my money”
    Will Rogers

    Aussie should be thinking about that statement, when considering leaving their GOLD in the hands of others.

  • dicksee

    It is all well and good that we want to get our gold back but we can’t as our former prime minister John Howard sold it to England to pay of a portion of our debt it was not entrusted to England at all it was sold so when the dollar collapses we will have no gold to restart our own economy Also governments will say that our resources are what backs up our dollar that would be true if Australia owned any mines but unfortunately they are all foreign owned especially gold mines they are all American owned and also we know that there is no tax on Gold and Silver at all we as a country just give it away so intelligent are we