Germany has reconsidered its storage concept for gold reserves and decided to move the part of it kept abroad back into the country, Handelsblatt says, citing the Bundesbank’s press release on Wednesday (16 January). Particularly, Germany is to repatriate part of its gold bars stored in New York and all of those kept in Paris.
Thus, the Deutsche Bundesbank partially will implement the recommendations of the Federal Court of Auditors, which advised to develop a new storage concept and check the quality of gold bars kept overseas.
At the present time the German central bank holds gold reserves in New York, Paris, London and Frankfurt. In total, Germany has almost 3.4 tons of gold worth 150 billion euros, Spiegel reports. There are 45 percent of it stored at the U.S. Federal Reserve Bank, 11 percent at the Bank of France, 13 percent at the Bank of England, and 31 percent at the Bundesbank.
Initially, the Deutsche Bundesbank founded in 1957 decided to distribute gold in several countries due to concerns about its safety amid the Cold War. The argument has lost its relevance these days.
