Polish central bank airlifts 8000 gold bars (100 tonnes) from London to Warsaw
By GCRU Gold News on Friday, November 29 2019, 02:29 - Permalink
In early July, BullionStar covered the notable news from Poland’s central bank, that it had boosted its monetary gold reserves to 228.6 tonnes by buying 125.7 tonnes over the 2018-2019 period, with a staggering 100 tonnes of this total purchased at the Bank of England in London during the first half of 2019.
Not only that, but as part of its announcement, the central bank, National Bank of Poland (NBP), also stated that following its new gold accumulation, it was planning to repatriate (or bring back) about 100 tonnes of this gold from London to the NBP Treasury in Warsaw. This was also, according to the NBP, after Polish central bank employees had inspected the Polish gold and its storage arrangements at the Bank of England in June of this year
Some enterprising Poles may therefore want to ask the NBP to undertake a full physical audit of this 123 tonnes of gold, publish a full audit report, publish a full weight list of the gold bars in London (with refiner serial numbers), and publish a full disclosure of whether and how much of this 123 tonnes of gold is held in allocated form and how much is lent, loaned, pledged, or encumbered in any shape or form. That level of detail is easy for the Bank of England to produce and would indeed be worthy of a commemorative gold coin, but something tells me the central banks in question will not want to cooperate.