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.

 

Germany to repatriate gold from US, France

Published time: December 24, 2013 15:36
Edited time: December 26, 2013 09:26
Reuters/Shannon Stapleton

Reuters/Shannon Stapleton

Germany's Bundesbank plans to store half the national gold reserves in its own vaults by 2020. It will mean the return of 700 tons of the precious metal from the US and France

This year the Bundesbank got back about 37 tons of gold from the US and France. The total value of the returned gold is estimated at 1.1 billion euro, the head of Bundesbank, Jens Weidemann told the Bild newspaper.

Weidemann explained it is part of a program to increase the reserves held in Frankfurt, and there was no doubt on the security of the gold held in America and France.

The gold reserves of the country will be stored in Frankfurt because it has a special storage with the corresponding equipment,” said Carl-Ludwig Thiele, a Bundesbank board member.

A large part of the German gold is held in foreign banks, primarily in New York and Paris. At the beginning of this year the Bundesbank said it intended to repatriate 700 tons of gold worth 27 billion euro by 2020.

Once completed, a half of the Federal republic’s gold reserves, or about 3,400 tons will be stored within the country.

During the Cold War fearing a Soviet invasion the German government shipped two-thirds of its gold reserves to the UK, France and US.

Recently, the Bundesbank has been criticised for not holding its reserves in Frankfurt, so it has decided that some should be brought back to Germany.

Transporting the gold will be a high security operation. When France transferred its reserves in 1966 it used a submarine.

Comments (38)

 

Michael Skalsky 09.07.2014 17:59

fred hauptstueck 09.01.2014 16:32

As a US citizen, I highly recommend you contact your own govt officials to DEMAND that the U.S. Federal Reserve let you audit your country's gold deposits here in the US. Our own U.S. Govt Officials are not permitted to audit their own gold warehouses, let alone walk in them to see the gold stored within. This is the biggest ponzi scheme any of us have EVER witnessed!!

  


I totally agree, there is no gold there...

 

Frank Bell 01.02.2014 00:43

So given this, why would anyone NOT expect gold's price to go UP?

 

fred hauptstueck 09.01.2014 16:32

As a US citizen, I highly recommend you contact your own govt officials to DEMAND that the U.S. Federal Reserve let you audit your country's gold deposits here in the US. Our own U.S. Govt Officials are not permitted to audit their own gold warehouses, let alone walk in them to see the gold stored within. This is the biggest ponzi scheme any of us have EVER witnessed!!

View all comments (38)
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

Follow us