Panic Mode? The Netherlands Urged to Repatriate Gold Reserves Held Overseas

By Esther Tanquintic-Misa: Subscribe to Esther's RSS feed

January 9, 2012 12:16 AM EST

Notwithstanding how good current relations may be between the Netherlands and the U.S., once global investor confidence waned on the American dollar, the Dutch could still lose the gold reserves it placed in full trust in various strategic vaults in the US. Call it perhaps survivor's instinct.

Gold experts in the Netherlands advised the federal government it should start facilitating the repatriation of its gold reserves from the U.S. , as well as from Great Britain and Canada, after the Dutch central bank (DNB) confirmed a Dutch newspaper report by the de Volkskrant that revealed much of the country's reserves of the yellow metal are not within the country.

Dutch gold experts all the more got restless when American commentator Jim Richards, according to the Radio Netherlands Worldwide, said the US government has the power to confiscate whatever foreign gold reserves it holds in the event global interest on the dollar decelerated, still owing to the global fiscal crisis that had shaken the fiscal stability of the much developed economies.