The global financial system appears to be in peril, which is prompting more and more countries to recall their gold reserves from countries like the United States and the United Kingdom.
The latest nation to claw back its gold from the West is Nigeria, which is reportedly repatriating 21 tons of gold amid ongoing economic concerns like runaway inflation and escalating geopolitical tensions.
In order to minimize the risk of major losses, Nigeria has decided that its gold is best stored domestically rather than in volatile places like the U.S. and the U.K. that appear to be getting dethroned by an emerging new world order.
"Economic indicators such as rising inflation, escalating debt levels, and geopolitical tensions have raised apprehensions among Nigerian policymakers about the stability of the U.S. financial system," reported The Star, quoting Nigerian officials.
This "strategic decision," to quote economist Fatima Abubakar, is one of many "proactive measures" that Nigeria is taking "to safeguard its wealth and strengthen its financial resilience."
"By bringing its gold reserves back within its borders, Nigeria not only asserts greater control over its financial assets but also demonstrates prudence in managing economic risks amidst global uncertainties," Nigerian officials further revealed.
(Related: Many household investors are doing the same thing as they scoop up what they perceive to be as "safe haven" assets like gold and bonds as the dollar heads toward collapse.)
Nobody trusts the West anymore
India is another country that recently decided to bring its gold home as well. Reports indicate that the world's most populous nation recalled 100 tons of its gold from vaults in the United Kingdom.
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Increasingly, non-Western countries are questioning the legitimacy of the Western stranglehold over money in general. They are also figuring out the West's gold and dollar reserves scam, which is used as a foreign policy tool to control the world.
A 2023 survey conducted by the World Gold Council (WGC) found that a "substantial share" of central banks is anxious about what comes next for the world after the U.S. and other Western nations froze about half of Russia's $650 billion gold and FX holdings following the invasion of Ukraine.
About 68 percent of banks polled told the WGC that they intend to keep their gold holdings within their respective countries' borders moving forward. Back in 2020 before the Wuhan coronavirus (COVID-19) "pandemic," only about 45 percent of central banks wanted to hold their gold reserves domestically.
"'If it's my gold, then I want it in my country,' has been the mantra we have seen in the last year or so," said Rod Ringrow, Invesco's head of formal institutions.
Currently and for a while now, the Federal Reserve private central banking cartel here in the U.S. has refused to divulge any information about the amount of gold held in its vaults. When asked back in March about it, Federal Reserve Chairman Jerome Powell "skirted questioning," to quote Great Game India.
Federal officials here in the U.S. are also refusing to comply with a Freedom of Information Act (FOIA) request for records on gold holdings, which some believe suggests there is no gold at all in the vaults.
Headline USA reportedly filed the FOIA request, which also called for information about the amount of gold holdings before Russia launched its special military operation in Ukraine. The Fed declined the request.
Back in 2019, long before COVID and the Russia-Ukraine war, Poland repatriated 100 tons of gold, as did Hungary and Romania. In the summer of 2017, Germany brought back about half of its gold reserves. Two years before that, Australia took steps to bring back half of its gold reserves as well.
How much longer will it be until the dollar collapses? Find out more at DollarDemise.com.
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