Amid total secrecy ... Germany recovers 674 tons of gold in America and France

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Amid total secrecy ... Germany recovers 674 tons of gold in America and France

 

 

24 August 2017

 

 

 

The German central bank returned 674 tons of gold reserves, which had been stored in Paris and New York since the Cold War, thus recovering all its gold reserves from France and part of the gold reserves from America. 
 

According to the Agence France-Presse, a member of the Board of Directors of the Central Bank of Germany, Karl Ludwig Thiele, told reporters that the process , which began in 2013 resulted in the transfer of 374 tons of yellow metal from the warehouses of the French central bank in Paris, and 300 tons of the US Federal Reserve New York, to the German bank in Frankfurt. 

According to the report of the French Agency, the transport was heavily confidential and ended before the deadline set in 2020, and cost the Central Bank about 7.7 million euros.Germany currently holds 1,710 tons of precious metal in Frankfurt, 1236 tons in New York (about 36.6 percent of the total gold reserves) and 432 tonnes in London (about 12.8 percent of the reserves).

The German reserve, which was not in effect after World War II, is the world's second-largest gold reserves after the United States and began to be formed in 1951. 

The decision to restore gold reserves came after several German politicians questioned the safety of the offshore reserves. In October, Germany's central accountancy body, the Bundesbank, requested that its huge reserves of gold be checked abroad and reviewed periodically. 

Experts justified this request, which they submitted to the Budget Committee in the German parliament "the high value of gold reserves," and that these reserves deposited with other banks "has not been counted so far and check their weight and whether they are real or fake, whether by the German Central Bank or Independent auditors ".

The German central bank has the world's second-largest gold reserves, with 3391 tonnes valued at 137.51 billion euros at the end of 2011, and Germany's gold reserves may have risen to 142 billion euros as gold prices rose in recent months. . 

The bank maintains gold reserves in its own vaults in Frankfurt and in three of its own warehouses outside Germany: the US central bank in New York, the French National Bank in Paris and the Bank of England in London. 

He criticized a report published by the newspaper "Handelsblat" German this year the central German, saying that there are strange delays in the implementation of the program to restore gold reserves to Germany. As noted by the German financial controller, that the central bank did not actually verify foreign holdings.

The German central bank, which seldom finds itself accused of belittling its duties, has said it does not share financial control. "There is no doubt about the reputation, safety and security of external storage sites," the bank said.