Taking inspiration from Germany, Switzerland, and the United States, a movement to repatriate national gold reserves from vaulting with the market riggers at the Bank of England in London has arisen in Poland.
The movement, Oddajcie Nasze Zloto ("Give Our Gold Back"), was brought to GATA's attention this week by its vice chairman, Piotr Wojda (piotr.wojda@mennicawroclawska.pl), who writes that it was started by two economists "worried about the safety of more than 100 tons of Polish gold held in the vaults of Bank of England for the last 70 years."
Wojda adds that the movement "has been widely supported by organizations such as the Ludwig von Mises Institute (www.mises.pl), Business Center Club (www.bcc.org.pl), Mennica Wrocławska (The Mint of Wrocław, www.mennicawroclawska.pl), and many others. After several newspaper publications and TV shows we finally managed to persuade Polish politicians to listen to what we have to say."
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Wojda continues: "Representatives of the movement met with members of the Polish Parliament on August 29 to discuss doubts regarding the safety of Polish gold held abroad. During our presentation we used several examples of similar movements in Germany, Switzerland, and the United States. We also briefly presented achievements of the Gold Anti-Trust Action Committee and they impressed our members of Parliament.
"The members of Parliament agreed that Polish gold reserves deserve an independent audit and they have already decided to inquire of the president of the Polish Central Bank, Professor Marek Belka, to establish facts such as:
"-- What is the official amount of Polish gold reserves held at the Bank of England?
"-- What are the amount and quality of bars held in the vaults (serial numbers, purity, are they 'good delivery' bars)?
"-- Whether there have been independent audits within the last 70 years and their results.
"-- Is the gold being leased to any financial institutions? If so, what are the terms and conditions of this leasing?
"-- What is the procedure for buying and selling gold and how is this decision taken?
"-- Why has the Polish central bank not decided to acquire more gold when the price dropped significantly although Polish gold reserves amount to only 4 percent of the bank's total currency reserves?
"It seems that we Poles are getting closer to achieving financial safety by finally withdrawing from British vaults what belonged to our country for almost a century."
GATA supporters really should check out the Polish "Give Our Gold Back" campaign's Internet site to see the illustration chosen to illustrate the campaign, a Polish translation of the illustration that represents GATA's work, the painting by Alain Despert found at the top of GATA's Internet site and every GATA Dispatch. The Polish "Give Our Gold Back" campaign's Internet site is here:
http://oddajcienaszezloto.pl/
