Germans Bring Gold Home
Bundesbank wants to bring German gold
After the founding of the Bundesbank large parts of the German gold reserves for safety were deposited with the Allies. Now, the gold from New York and Paris to be retrieved.
Frankfurt, the Bundesbank has developed a new concept, where she wants to continue storing their gold reserves. According to information of the Handelsblatt (service delivery) sees this approach which will be announced next Wednesday before, to revalue the domestic locations, in New York for less to store gold and even to hoard any more gold in Paris.
Thus, the central bank reacts to a report of the Federal Court to examine the financial statements of the Bundesbank and had advised her to create a current bearings concept and documented.
Currently, the gold of the Bundesbank outsourced their claims to New York, London, Paris and Frankfurt. In the American Federal Reserve store 45 percent of the total 3,396 tonnes of gold in the Bank of England in London, 13 percent, in the Bank of France in Paris eleven percent and 31 percent at its headquarters in Frankfurt. This distribution is about to change.
Bundesbank board member Carl-Ludwig Thiele had already said last fall that there was no compelling reason for storage in the French capital. Originally, the Federal Republic had during the Cold War and the division of Germany for security its gold to various partner countries, including France distributed. This argument no longer applies. Paris still speaks against another argument: Unlike in London or New York, the Bundesbank would receive in the event of a world crisis, no foreign currency.