Austrian Monetary Gold Transfer from London to Switzerland—Planned in 2015—Still Hasn't Arrived
Austrian Monetary Gold Transfer from London to Switzerland—Planned in 2015—Still Hasn't Arrived
Seven-year investigation into the mysterious delay of Austria's 50-tonne gold transfer
Introduction
A plan conceived by the Austrian central bank in 2015 to move 50 tonnes of their monetary gold from London to Switzerland has not been realized seven years later. Here is an introduction to what could possibly have happened.
The Mystery
Since 2007 the Austrian central bank (Oesterreichische Nationalbank, "OeNB") owns a few kilograms short of 280 tonnes of gold. In a report released by the Austrian "court of audits" from February 2015, it stated Austria was holding too much of its metal (82%) in London at the Bank of England. The court concluded that contracts with external depositories contained deficiencies and auditing measures were lacking.
Table of Contents
Original 2015 Storage Plan
Soon after the Austrian court of audits' report, the central bank announced a new storage concept. Contracts with external depositories would be reviewed and amended, 90 tonnes stored at BOE would be repatriated, and 50 tonnes would be transferred from London to Switzerland. Within five years (by 2020) the new storage concept should have been completed.
Original Plan (2015)
Target completion: By 2020
- 50% stored in Austria (140 tonnes)
- 30% stored in UK (84 tonnes)
- 20% stored in Switzerland (56 tonnes)
- 90 tonnes repatriated from London
- 50 tonnes transferred London → Switzerland
Current Reality (2022+)
Status: Partially completed
- ✓ Austrian repatriation completed (2018)
- ✓ 90 tonnes moved to Austria successfully
- ✗ Swiss transfer postponed indefinitely
- ✗ Original timeline abandoned
- ✗ "Organizational obstacles" cited
Successful Austrian Repatriation
In 2018 OeNB announced to have repatriated 90 tonnes from London—ahead of schedule. Up to fifty percent of OeNB's gold was brought home, divided between OeNB's own vaults (90 tonnes) and the vaults of the Austrian Mint (50 tonnes). The transfer of gold from London to Switzerland, however, wasn't done yet.
Repatriation Success
The Austrian portion of the plan was executed flawlessly and ahead of schedule, demonstrating that large-scale gold movements are technically feasible when conditions are right.
- 90 tonnes successfully moved
- Completed ahead of 2020 deadline
- No reported complications
- Proper audit access established
Storage Distribution
The repatriated gold was strategically distributed between two secure Austrian facilities, reducing concentration risk.
- OeNB vaults: 90 tonnes
- Austrian Mint: 50 tonnes
- Enhanced domestic control
- Improved auditing capabilities
Technical Capability
The successful Austrian repatriation demonstrates that international gold transfers are operationally straightforward when all parties cooperate. This success makes the Swiss transfer delays particularly puzzling, suggesting the obstacles are not primarily logistical.
Swiss Transfer Delays and Changes
From January 2020 up until January 2022 there was a graph on OeNB's website suggesting all metal that was supposed to be located in Switzerland had arrived, though in the fine print it read: "By 2020 at the latest, the OeNB will have completed the implementation of its gold storage policy in Switzerland."
Website Changes Reveal Truth
It's very likely that up until today none of the gold that was planned to be transferred from London to Switzerland has arrived. Somewhere after January 2022, the graph above disappeared from OeNB's website. Now the webpage reads:
"The relocation [from London to Switzerland] has been postponed until organizational and logistical obstacles have been resolved."
Central Bank Communication Strategy
The evolution of OeNB's public communications reveals a pattern of managing expectations while dealing with unexpected obstacles. This case study highlights the complexities of international gold storage arrangements and the diplomatic sensitivities involved in central bank operations.
For individual investors, this situation underscores the advantages of direct precious metals ownership. While central banks navigate complex international agreements, individual investors can purchase physical gold and buy silver bullion for direct possession, avoiding institutional dependencies. Monitoring current gold prices and silver market trends helps inform these personal investment decisions.
Timeline Analysis and Evidence
Based on the publication dates of the reports OeNB must have concluded the shipment towards Switzerland would be postponed between May 2017 and May 2018. Repatriating gold from London went as scheduled.
Critical Question
What could possibly have happened between May 2017 and May 2018 that made OeNB have to wait for more than six years to move its gold from London to Switzerland?
Timing Correlation
The delay period coincides exactly with major infrastructure changes at Swiss storage facilities, as detailed in related investigations.
- Swiss vault renovations began 2015
- Austrian plan changes 2017-2018
- Temporary storage solutions required
- Infrastructure constraints identified
Official Explanations
OeNB's carefully worded statements provide clues about the nature of the obstacles without revealing sensitive details.
- "Organizational obstacles"
- "Logistical obstacles"
- "Contractual obligations"
- "Business secrets of external partners"
Email Communication
In an email OeNB wrote: "We can confirm that the relocation has been postponed. However, we are not allowed to disclose any details in order to comply with contractual obligations to keep business secrets of external partners involved."
Current Status and Implications
For a fact OeNB knew the transfer would be delayed long before 2022. The original plan was first adapted in OeNB's Annual Report 2017, when the deadline was dropped and replaced by "New gold storage policy." Meanwhile zero gold had arrived in Switzerland by then.
Lessons for Investors
This case demonstrates that even well-planned institutional gold movements can face unexpected obstacles. The complexity of international central bank arrangements highlights the value of direct precious metals ownership for individual investors, who can maintain physical possession without dependence on institutional agreements or international negotiations.
Ongoing Investigation
Due to the complexity of this investigation, I have decided to publish my analysis in multiple parts—at least three as I see it now. In forthcoming articles, we will zoom in on the role of BOE, the Bank for International Settlements (BIS), and the vaults of the Swiss central bank—where the gold was supposed to be by now.
Bank of England Role
Examining whether the delays originate from London-side complications or operational constraints at the Bank of England's gold vaults.
Swiss Vault Infrastructure
Investigating the connection between Swiss central bank vault renovations and the Austrian transfer delays, including temporary storage arrangements.
BIS Coordination
Analyzing the Bank for International Settlements' role in facilitating international gold transfers and potential coordination challenges.
Related Investigation
This analysis connects directly to findings about Swiss central bank gold storage locations and temporary relocations. The correlation between Austrian delays and Swiss infrastructure changes suggests a coordinated explanation for the postponement.
Market Context
While central banks navigate these complex institutional arrangements, the global gold market continues to function efficiently for individual participants. These investigations into central bank operations provide valuable insights into the infrastructure supporting international precious metals markets, reinforcing the strategic importance of gold in monetary systems worldwide.
Conclusion
The Austrian gold transfer mystery illustrates the complex web of relationships, infrastructure, and logistics underlying international monetary gold movements. While the repatriation to Austria proceeded smoothly, the Swiss transfer remains stalled seven years after its initial conception.
The careful language used by Austrian officials—referencing "organizational and logistical obstacles" and "contractual obligations to keep business secrets"—suggests diplomatic constraints rather than simple operational challenges. The timing of plan modifications, correlating with known infrastructure changes at Swiss facilities, points toward interconnected institutional dependencies.
This case serves as a compelling reminder that central bank gold operations involve complexities far beyond simple physical transportation. The upcoming parts of this investigation will explore whether these delays stem from London's constraints, Swiss infrastructure limitations, or broader coordination challenges within the international monetary system.
The Question Remains
Seven years after the plan's announcement, 50 tonnes of Austrian gold remain in London, awaiting resolution of mysterious "obstacles." The answer may lie in the intricate relationships between the Bank of England, Swiss National Bank, and Bank for International Settlements—relationships that will be examined in subsequent investigations.