Keep up with the news by installing RT’s extension for . Never miss a story with this clean and simple app that delivers the latest headlines to you.

 

Breaking news

Kiev: Military operation in Ukraine southeast to go on despite Geneva agreement

Germany orders a check on its gold reserves

Published time: October 29, 2012 11:15
Edited time: October 29, 2012 15:46

Gold bars

Download video (17.96 MB)

German federal auditors have requested the Bundesbank checks Germany’s gold reserves, a major part of which has been stored at banks abroad since the Cold War.

­Germany’s gold bars, stored in the United States, Britain and France "have never been physically checked by the Bundesbank itself, or other independent auditors, regarding their authenticity or weight," reveals a report prepared by the Federal Auditors' Office. Instead, the Bundesbank relies on a "written confirmation by the storage sites."

Germany has placed as much as some 3,400 tons of gold worth an estimated $190 billion at current values in the vaults of the US Federal Reserve, the Bank of France and the Bank of England since the late 1940s. The reason was to secure the country’s gold reserves in a case of a possible war with the Soviet bloc. Currently only about 30% of Germany’s gold reserves are kept in Germany, at the facilities of Frankfurt-based Bundesbank.

Since then, the Bundesbank has seen no reason to check its gold reserves. "There is no doubt about the integrity of the foreign storage sites in this regard," it said in a statement.

Concerns about Germany’s gold reserves arose this year after a group of German federal lawmakers wanted to check gold bars stored at the Banque de France in Paris. But they were turned away by local officials who said there were no facilities to visit the vaults, Deutsche Welle reported.

German worries about the situation with its gold reserves reflect the worries of the German politicians that the country has enough gold reserves to resist the spreading eurozone crisis.

The Bundesbank has reportedly decided to ship 150 tons of gold from the New York Federal Reserve to Germany, according to German daily Bild. After returning to Germany the gold will be melted down to test the overall purity of each consignment before being re-cast into standard gold bars.

Comments

Add comment

Authorization required for adding comments

Register or

Name

Password

Show password

Register

or Register

Request a new password

Send

or Register

To complete a registration check
your Email:

OK

or Register

A password has been sent to your email address

Edit profile

X

Name

New password

Retype new password

Current password

Save

Cancel

Follow us