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Two years ago the news was publicly broken on this site that 99. Australia’s Gold reserves are stored by the Bank of England in the United Kingdom. Decisions like this don’t happen in a black hole. Something changed the RBA’s mind, between August 2012 and December 2012, on making the location of Australia’s Gold reserves public. A recent experience of mine with the RBA further highlighted their desire to follow in the footsteps of other Central Banks rather than to think for themselves. A question posed by email to the RBA earlier in the year suggested that RBA officials had performed the audit themselves.
I decided to lodge another FOI request. The Chief Representative in EU approached the BoE to facilitate this review and in late May 2013 initial planning discussions were held with BoE staff with tentative agreement that the review would take place in September 2013. An on-site physical verification commencing 23 September 2013, which will take 4-5 days to complete, assuming two RBA auditors are involved given the proposed scope. Bank’s inventory list and weighing of the bars by BoE staff using their equipment. Obtain a high level understanding of the BoE gold safe custody service.