Germany accelerated the return to the country of its gold from abroad

Photo: Boris Roessler / dpa / Global Look Press

Germany accelerated the return to the country stored abroad, the German gold. By the end of 2017 — three years ahead of each settlement period, the Central Bank of the country will consolidate in its vaults, more than half of the gold reserves of Germany

The Bundesbank accelerated the return to the country decades stored abroad, the German gold. By the end of 2017, Central Bank of Germany will consolidate in its vaults, more than half of the gold reserves of the country, is spoken in the message of the regulator. A plan to repatriate 674 tonnes of physical gold was announced in January 2013 and was to be implemented by 2020. Now this goal will be achieved three years earlier.

Since the cold war, fearing Soviet invasion, Germany kept abroad — in new York, London and Paris — a significant portion of its gold reserves. In 2011, the Federal court of auditors (the local equivalent of the chamber of accounts) in a confidential report, which revealed a year later, criticized the Bundesbank for the fact that he does not verify the safety of your foreign gold. Then in Berlin, talking about the plan of repatriation of bullion. This contributed to the rumors that part of the stored at the Federal reserve Bank of new York, the Bank of England and Bank of France 2,000 tons of German gold could be melted down, sold or transferred under the lease agreement involving the borrowing of precious metals in exchange for a small percentage and the obligation to return it.

Launched in 2013, the program of repatriation of gold reserves is entitled to refund of the retail sales of 300 tons of gold from new York fed and 374 tonnes from Bank of France. In 2016, the German Central Bank returned to the country of the 216 tonnes of gold (111 tons from new York and 105 tonnes from Paris). The remaining 91 tonnes will be shipped from Paris before the end of 2017. In the end, Germany will be stored for more than half of German gold (50,6%) vs. 47.9% (1619 t) at the end of 2016. All year-end gold reserves of Germany were 3381 MT (equivalent to $134 billion at current prices of gold) and was the second largest after the United States. The cost of freight for returned gold amounted to €6.9 million this year expenditure will amount to €500 thousand

“Repatriation takes place without failures and incidents”, — quotes Agency Bloomberg of a word Carl-Ludwig Thiele, member of the Executive Board of the Bundesbank. According to the financier, political uncertainty due to the advent of the new American administration and a British exit from the EU, does not affect the speed of project implementation and policy for the storage of the remaining gold abroad. Upon completion of the program outside Germany will remain 1668 tons of gold the Bundesbank — 1236 t in the new York fed and 432 tons in the Bank of England.

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