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BERLIN (AP) — A German newspaper reports the country's central bank will repatriate parts of its massive gold reserves worth about $200 billion at current market rates from storage sites in the United States and in France.
Daily Handelsblatt reported Tuesday the Bundesbank plans to bring back to Germany some of its 1,500 tons of gold stored with the Federal Reserve in New York, and all of the 450 tons currently with the Bank of France in Paris.
The central bank declined to comment on the report but invited reporters to a press briefing where it will present a new plan to manage the gold reserves totaling about 3,400 tons Wednesday.
Most of Germany's reserves have been stored abroad since the Cold War over fears of a Soviet invasion.
...the country's central bank will repatriate parts of its massive gold reserves...
Was it "unsafe" in the coffers within Germany?
I get that, but the Cold War has been over for many years. I don't get why they waited so long to start bringing it home.
Originally posted by deadeyedick
Maybe this will bring pressure on the not so federal reserve to give full disclosure to the citizens as to the true amount of our gold.
Last week, Gauweiler celebrated his greatest triumph to date in his gold campaign, which has been a source of some amusement for many fellow German politicians: A secret report by the Federal Audit Office had been made public -- and it contained stern criticism of the German central bank in Frankfurt. The Bonn-based auditors urged a better inventory system, including quality checks.
For decades, German central bankers have contented themselves with written affirmations from their American colleagues that the gold still remains where it is said to be stored. According to the report, the bar list from New York stems from "1979/1980." The report also noted that the Federal Reserve Bank of New York refuses to allow the gold's owners to view their own reserves.