bullionstreet.com / Tuesday, March 5th 12:49 PM IST
MEXICO CITY (BullionStreet): Following some nations in repatriating gold reserves stored abroad, Mexico is likely to bring back some of it’s gold reserves from the Bank of England, analysts said.
They said the Mexican government is under tremendous pressure from opposition and also from ruling partners to repatriate gold after the Audit Office issued an official statement, criticizing the Bank of Mexico for not auditing the gold it has supposedly bought and stored at the Bank of England.
The auditors ask the Central Bank of Mexico to make a physical inspection with the counterparty that has the gold under its custody, in order to be able to verify and validate its physical wholeness and compliance with the terms and conditions of dealing with this asset.
According to Global Financial Intelligence and the Gold Anti-Trust Action Committee report, the actions of the Mexican Government Audit Office are the result of a long campaign lead by Guillermo Barba, a Mexican civil activist and investigative journalist.
The Government Audit Office has concluded that 95% of the gold reserves of the Bank of Mexico are stored abroad and 99% of this gold is stored with the Bank of England.