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Friday, December 6, 2013

Repatriation of Australian Gold Reserves from UK Stonewalled by Aussie Senate

Bullion Baron: Seeking Gold Repatriation "Return Aussie Gold"

Friday, December 6, 2013
photo source:

Seeking Gold Repatriation "Return Aussie Gold" 

You may recall that earlier this year that I supported and publicised a petition to repatriate Australian Gold reserves:

This followed the news that I broke in December last year that the RBA stores Australia's Gold in England:

RBA: Australia's Gold held at the Bank of England

The petition from earlier this year was tabled in the Australian Senate only a few days ago, see this link. The organiser of this petition provided the following information about the tabling of the petition:

1) The petition will be "tabled" in the Senate on December 2 and recorded in the official Hansard parliamentary journal for that day;

2) Tabling of the petition is a process that just enters the petition into the official record and does not entail any parliamentary discussion or debate;

3) The utility of the petition is in its formal recording to be used in conjunction of other efforts to create action, such as:
  • Make a submission to a related Senate Committee enquiry - the related Senate Committee is the Finance and Public Administration committee
  • Reference to in engaging members of parliament to discuss or consider related issues
  • Reference to in creating public awareness (political pressure) to take action on a particular issue
Furthermore a new petition to ‘Return Aussie Gold’ launched by Rod Holden of Perpetual Gold (a private, gold focused, investment management company) takes aim at the House of Representatives with the goal to gather hard copy signatures (can also be signed electronically, but Federal Government only accepts hard copy signatures).

The petition reads in part…

“During recent times there has been unprecedented structural change in the international gold markets with over 60% of the world’s population exponentially increasing both their private and public gold reserves. This foreign reserve risk mitigation strategy is based on the belief that holding physical gold is the only international wealth storage asset that does not carry counterparty risk.

For Australia to truly mitigate the risk to its own foreign reserves, the storage of Australia’s gold reserves can only be on Australian soil.

We believe these world events may affect the economic prosperity and welfare of the people of Australia and we therefore ask that the House (under Section 11 of the Reserve Bank Act 1959 if necessary) do all in its power to ensure that the Board of the Reserve Bank of Australia immediately acts prudently and physically repatriates Australia’s Gold Reserves.”

The site holding the petition has an extensive FAQ & Facts pages which detail the history of Australia’s Gold reserves, their current status and location amongst a lot of other relevant information that’s worth perusing.

I'd highly encourage you to sign the new petition and if able get involved in gathering signatures or promoting the new petition.

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