Countries repatriating gold in wake of sanctions against Russia – study

Reuters/Marc Jones/7-9-2023

“An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday.”

USAGOLD note: There has been a notable decline in London vaulted gold, according to the LBMA. Gold repatriation removes bullion from the leasing pool, which has acted as a drag on the gold price in the past. “We did have it held in London,” said one central banker, “but now we’ve transferred it back to [our] own country to hold as a safe haven asset and to keep it safe.”