Iran Repatriates 13 Tons of Gold Under Sanctions Relief

The governor of Iran’s Central Bank announced to the country’s state-controlled media that the South Africans have finally returned the 13 tons of gold.

“A sum of 13 tons of gold that had been purchased before and was deposited in South Africa in the past two years and could not be transferred to Iran due to the sanctions… was delivered to the Central Bank of Iran’s treasury last night,” Central Bank Governor Valiollah Seif was quoted as saying by the Fars News Agency.

Seif said Iranian officials had been working for some time to secure the gold’s release, but that the country was prevented from doing so as a result of the “illogical problems that were created under the pretext of the sanctions.”


Germany wants its gold back!

On January 16, 2013 Germany’s central bank, the Deutsche Bundesbank, announced it would bring its 374 tons of gold reserves stored with the Banque de France in Paris and its 300 tons stored with the U.S. Federal Reserve in New York back to Germany by 2020. By the end of 2013, the Bundesbank had only brought home a measly total of 37 tons, with the Fed giving back just 5 tons.

The plan fared better in 2014, as the Bundesbank has announced in a press release that it “successfully continued and further stepped up its transfers of gold last year.” The release states that 120 tons of gold were transferred to Frankfurt, Germany in 2014: 35 tons from Paris and 85 tons from New York. Since the transfers began in 2013, 157 tons in total have been transferred: 67 tons from Paris and 90 tons from New York. This is about 23% of the total 674 tons to be transferred.

Germany is not alone in this desire to bring its gold reserves back home: Venezuela, The Netherlands, France, Belgium, Switzerland, and Austria have also carried out or proposed efforts to repatriate their gold. You may be wondering…why?

UK gold reserves

(Despite the bar chart scaling – that’s only a 0.04 increase from 310.25 to 310.29)

Greek “debt” is equivalent to 500 euros or £350 for every person in the EU. UK govt debt is £3200 per EU inhabitant.

via @bluetinto