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The gold reserves of Germany repatriate

The 300 tonnes of gold which Germany repatriated from a vault in New York, carried little by little and the transfer will not be completed before 2020, announced today the German central bank. In Germany made ​​regular questions about why 45% of the weight of 3,391 tonnes of gold bullion in the country are stored deep in the vaults of the Federal Reserve, the Federal Reserve Bank in Manhattan, New York. The root cause was that West Germany had acquired this gold through trade surpluses in the 1950’s and 1960’s and never took him outside the U.S. to be sure that I will not lose if the Soviet Union invaded Germany.

Gold bars

Gold bars

The German central bank, the Bundesbank, responded today to a report in the newspaper Handelsblatt who spoke mysterious delays in the repatriation program of the German gold. The newspaper claimed a conservative political, Peter Gauvailer, who has regularly raised the issue and expressed doubts that gold is readily available in New York, asserts. Representative of the central bank in Frankfurt said that this is not true and that the repatriation of gold in small quantities is preferred for security reasons. The spokesman also rejected accusations that Germany did not monitor closely enough gold located in New York. We have no doubt about the reliability of our partners, he said. The bank announced that five tonnes of gold were repatriated last year from New York, along with 32 tons repatriated from Paris, and that the program continues.

Bundesbank

Bundesbank

The Handelsblatt notes that insurance companies cover only air shipments of gold and no missions with ships, while not insure shipments over a tonne of time. Germany aims to keep only 37% of the gold in the Federal Reserve in New York, where most of the world’s store of gold. Transfers multibillion dollar made ​​easy, simply transferring the gold from the car of a country him another within the vault. The fall in the price of gold decreased in December last year the value of total gold reserves of the Bundesbank by 31% to 94.9 billion euros.

By Nicole P.

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