Gold Repatriation from U.S. to Result in Higher Gold Prices, Weaker Dollar

As fears grow over huge debt levels in the United States, Japan, and the United Kingdom, European governments are repatriating their gold from the United States, which could potentially lead to higher gold prices and a weaker dollar, the executive and research director of the world’s leading gold broker Gold Core told Sputnik.
“Governments throughout Europe are nervous about the global economic situation, financial situation and monetary situation. They are worried about the huge debt levels throughout the world and there are concerns that there could be another financial crisis, this is because of the Eurozone, but there are huge debt issues in Japan, in the U.K., and in the U.S. as well,” Mark O’Byrne told Sputnik Friday.
Many of the European gold reserves are kept in America because of historical reasons. Following World War II, Europe thought it was safer to keep gold in the United States.
“But today America is the biggest debtor nation in the world, and is in effect quite close to insolvency. Therefore they believe it is more prudent if they keep gold close to home,” Mark O’Byrne told Sputnik.

This post was published at Sputnik News