Austria has unveiled plans to repatriate billions of dollars' worth of its gold reserves back from the U.K., becoming the latest country keen to bring its gold home.
The Austrian central bank currently has 280 tons of gold reserves, worth around $10 billion at current prices. Just 17 percent of these holdings are kept in Austria, with 3 percent in Switzerland and the vast majority -- 80 percent -- in the United Kingdom.
By 2020, however, Austria wants to hold 50 percent of its reserves in Austria, 20 percent in Switzerland and just 30 percent in London. This means moving gold worth $5 billion from the Bank of England across Europe.