The host of a live broadcast discusses France’s repatriation of gold from the UK and the country’s plans to launch a new gold trading center. The Bank of France has upgraded its gold to LBMA good delivery standards and is taking steps to meet LBMA criteria. The article mentions the historical significance of France as a major gold trading center in Europe. The host also discusses an upcoming virtual Investor Action Summit on April 27th featuring speakers from the finance and precious metals industries.

France’s Repatriation of Gold and Launching of a New Gold Trading Center: What it Means for the Global Market

Introduction

On Tuesday, April 19th, 2022, Rob Kansas of Gold Silver Pros went live on his program, Cowboy Metal Live. During that broadcast, he discussed several topics, including the recent move by France to repatriate their gold from the UK vault and the establishment of a new gold trading center in Europe. This article will detail the background of this move by France and what it could mean for the global gold market.

France’s Move towards Repatriating Gold

In 2013, France began the process of repatriating its gold from the UK vault, which they successfully completed in 2016. In that year, all of France’s gold was stored in the vault in Paris. This move towards repatriating their gold was underscored in 2018 when the Bank de France’s Second Deputy Governor, Sylvie Gillyard, praised Paris as one of the world’s main gold trading hubs after London and New York.

The Return of Paris as a Gold Trading Center

One of the key elements of France’s move towards repatriating its gold was the establishment of a new gold trading center in Europe. France has a long history of being a major gold trading center among the European countries, but in recent decades, that status has been lost to London. By establishing a new gold trading center, France is looking to challenge the dominance of the UK and the COMEX.

The Bank de France has been upgrading its monetary gold to LBMA good delivery standards, which are some of the strictest in the world. Along with this, the bank has taken other steps to meet LBMA criteria, like weighing all large bars on electronic scales and inserting intermediary shelves, making it easier to handle the gold. They are also implementing a new IT system to improve their ability to respond to market operation needs. All of these steps are aimed at establishing Paris as a viable gold trading center again, along with COMEX, London, Shanghai, and other gold markets around the world.

What Does this Move Mean for the Global Gold Market?

The repatriation of gold and the establishment of a new gold trading center by France could have a significant impact on the global gold market. By challenging the dominance of London and the COMEX, France is providing an alternative source of authority over the global gold market. This could create more competition and reduce the likelihood of manipulation of gold prices.

Conclusion

In conclusion, France’s move towards repatriating their gold and establishing a new gold trading center in Europe shows their desire to become a major player in the global gold market again. By challenging London and the COMEX, they are creating more competition and providing an alternative source of authority over the gold market. This move could be significant in reducing the likelihood of manipulation of gold prices and establishing a fairer global gold market.