Gold Repatriation: There's No Place Like Home -

A lot of countries are bringing their gold home. What's behind this gold repatriation movement? 
In this episode of the Midweek Memo podcast, host Mike Maharrey takes a deep dive into the gold repatriation trend, explaining the motivations behind it and some of the potential ramifications.
In this episode, Mike also discusses platinum's phenomenal performance during the first half of the year.  
Mike opens the show declaring, "There's no place like home!"
<blockquote>
"You know the thing about home? It’s comfortable. It’s familiar. And I feel more in control. I know where everything is and how everything works. It’s just better at home. Now, here’s the awkward segue. A lot of countries have decided it’s better to have their gold at home. There is a growing gold repatriation movement. Countries want to have their gold reserves within their own borders because it gives them control and makes them feel more comfortable. It’s not unlike my preference for home, right?"
</blockquote>
Before delving into the gold repatriation trend, Mike touches on a precious metal that doesn't get as much attention as gold and silver — platinum. 
<blockquote>
"If you’re listening to this show, you probably know that gold outperformed every major asset class in the first half of the year. But did you know it wasn’t the top-performing commodity? That honor goes to platinum."
</blockquote>
Platinum charted a nearly 50 percent gain in H1.
<blockquote>
"In the second quarter alone, platinum jumped over 35 percent, closing H1 at a price not seen since 2014. That momentum continued into this month."
</blockquote>
Mike explains that supply constraints seem to be the primary factor driving platinum higher, and he outlines the recent supply and demand dynamics.
Mike notes that before 2015, platinum was more expensive than gold. 
<blockquote>
"It remains to be seen whether platinum will regain the price parity with gold we saw before the mid-2010s, but given the supply and demand dynamics, it is reasonable to be bullish on platinum in the near to mid-term. Given the price disparity with gold, this may signal a buying opportunity."
</blockquote>
Mike points out that platinum isn't just an industrial metal that also makes pretty jewelry.
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<blockquote>
"It is also an investment metal. The U.S. Mint produces platinum coins, and you can purchase them at Money Metals Exchange. The American Platinum Eagle is one of the most popular platinum coins available in various sizes, including 1/10, 1/4, 1/2, and 1 oz. The nice thing about fractional sizes is that they make the coins more affordable. That lowers the barrier to entry, which is perfect if you want to get started but don’t have the cash to purchase a full ounce coin."
</blockquote>
Pivoting to the gold repatriation, Mike points notes that Serbia is the most recent country to announce plans to bring its gold home.
<blockquote>
"All of Serbia’s gold is now stored in Belgrade, except for 5 tonnes currently held in Swiss vaults. The National Bank of Serbia plans to bring that gold home 'as soon as possible,' making Serbia the first Eastern European country to store all its gold within its own borders. Bank officials say they weighed the pros and cons of repatriating its gold, noting that it is easier to sell and lend gold when it is stored in market hubs. Ultimately, they decided the security of holding their gold at home outweighed that convenience."
</blockquote>
Serbia is also expanding its gold reserves, joining a growing list of central banks gobbling up the yellow metal. 
<blockquote>
"Central banks globally bought over 1,000 tonnes of gold each of the last three years. To put that into perspective, central bank gold reserves increased by an average of just 473 tonnes annually between 2010 and 2021. A Bloomberg report noted that the pace of central bank gold accumulation doubled after the U.S. and its Western allies imposed stiff sanctions on Russia after its invasion of Ukraine, 'highlighting the political risk of holding dollar and euro-denominated assets.'”
</blockquote>
Mike discusses some of the reasons for this gold rush, including worries about the <a href="https://www.moneymetals.com/news/2025/03/13/the-weaponization-of-the-dollar-and-its-global-implications-003905" rel="noreferrer">weaponization of the dollar</a> and the growing trend of <a href="https://www.moneymetals.com/news/2025/03/11/de-dollarization-gold-and-a-shift-to-a-multipolar-world-003898" rel="noreferrer">de-dollarization</a>.
Mike goes on to highlight some of the other countries that have repatriated gold in recent years, including India, Poland, Hungary, Romania, Germany, the Netherlands, and Belgium. He also highlights the push in Germany and Italy to bring more of their gold home.
<blockquote>
"There is speculation that other central banks have already moved gold out of New York, but a lack of transparency on the part of the New York Fed makes confirmation difficult."
</blockquote>
Mike points out that gold repatriation underscores the importance of minimizing counterparty risk. This applies to individuals as well.
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Mike says one has to weigh the pros and cons of holding gold and silver in your home or a vaulting facility. There are risks and benefits to both strategies. 
<blockquote>
"If you store your gold and silver with a third party, you could lose your metal through theft, fraud, or an act of God. Of course, you could lose silver and gold stored in your home the same way (except for fraud), so you have to weigh the risk of using third-party storage and keeping large amounts of silver and gold at home. If you opt for third-party vaulting, it is important to choose a trusted company."
</blockquote>
<a href="https://www.moneymetals.com/silver-gold-storage">Money Metals offers secure precious metals storage</a> in its state-of-the-art facility.
Here are just a few advantages of storing with Money Metals:
<ul>
<li>Money Metals Depository contents are fully insured by Lloyd's of London.</li>
<li>Metals stored in your account are segregated and never commingled or rehypothecated — and cannot be used as collateral for a loan by anyone but you.</li>
<li>Depository holdings are independent and removed from any bank, Wall Street, or Washington, D.C.</li>
</ul>
Mike wraps up the show with a call to action — call 800-800-1865 to talk to a Money Metals' precious metals specialist today. They can answer questions about precious metals storage, and of course, help you purchase gold and silver. 
<h2>Articles Mentioned in the Show</h2>
<a href="https://www.moneymetals.com/news/2024/02/29/buy-gold-and-silver-to-hedge-against-counterparty-risk-003015" rel="noreferrer">Buy Gold and Silver to Hedge Against Counterparty Risk</a>
<a href="https://www.moneymetals.com/news/2024/12/05/repatriated-gold-reaches-historic-highs-003667" rel="noreferrer">Repatriated Gold Reaches Historic Highs</a>

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