300 tons. Three years it lasted. Now everything is there. The Bundesbank has been completed in September of last year the relocation of its gold holdings, which were stored previously in New York and should be transferred to your Plan in accordance with to Germany. “The Gold that we wanted to get out of New York, is there,” said Bundesbank Executive Board member Carl-Ludwig Thiele in a press conference, in which some of the bars were presented.
in Total, were transferred in the past year 111 tonnes of Gold from the US Central Bank to Frankfurt, in addition, 105 tons from the Banque de France in Paris, came to the headquarters of the Bundesbank. “The relocation went smoothly, and there were no complaints,” said Thiele. All of the ingots were tested for authenticity and gold content. From New York relocated Gold-55 tons in the Switzerland, were initially also been recast, also to Check the authenticity.
almost 48 percent of the Bundesbank are now gold in Frankfurt. Less than three percent are still in Paris, and this Gold is to be brought in the course of this year completely to Germany. Thus, the bearing is reversed in France. Since France and Germany are now part of a monetary Union, not a storage useful, so Thiele.
New York remains an important bearing point
Then, via bearings 50 per cent of the German gold treasure in this country, as it is in the adopted in 2013-stock concept bodies. This was, actually, that the relocation will not be until 2020 to complete. Thus, the Bundesbank is ahead of schedule now, around three years.
The warehouse locations in New York and London, however, remain intact, as the bearings provides for a concept. In London, approximately 432 tons will remain. “London is the largest and most important gold trading centre,” says Thiele. To be able to Gold in the case of a case of sell, it is important that a part of the store.
In New York, will continue to remain around 1236 tons. The reason for this is that the US Dollar is still the most important currency in the world, and since the Gold serves as a security for your currency, it makes sense to store it there, where it is in the case of the cases, the fastest in dollars exchanged.
a Total of the gold reserves of the Bundesbank amount to 3378 tons, which are stored in 269.813 bars. The Bundesbank leads to a publicly-available inventory on every single ingot, together with the storage location listed. Each ingot weighs about 12.5 pounds and is just under € 450,000 in value. The total value of gold holdings is currently around 120 billion euros.
discussion of the treasure of gold purchases started in 2012
Since approximately 40 years, the population is largely constant, or the Bundesbank has sold no Gold. Only four to five tons per year will be provided to the Minister of Finance that turns it in to gold coins. The Gold is in the future taken exclusively from the bearing point in London.
The relocation of the gold at a cost of around 6.9 million euros were incurred for transportation and insurance. On each of the bars down the expected cost of about 148 euros, Thiele would result therefrom. In view of the value of 450,000 euros this is a very cost-effective.
The discussion of the gold treasure of the Bundesbank began in 2012, as the CSU politician Peter Gauweiler raising publicly the question of where this was actually. He sowed asked a doubt as to the safety of gold reserves in the bunkers in New York or London, whether it really is clear that they would be issued in the event of a case to Germany. Thus, conspiracy theories, according to which the Gold don’t exist at all linked quickly, by the American and British Central Bank’s long-flogged.
came in then, that the Federal court of auditors complained in an audit that the Bundesbank is the part of your gold, and kept out of the country, ‘ve never added “physically and for authenticity and weight” checked. In response, the Bundesbank has been transparency and has promised to relocate the bulk of the gold stock to Frankfurt.
Why the Gold is deposited in foreign countries
That much of the gold stored outside of Germany, has, however, historical reasons. A significant proportion of the gold reserves was built in the 50s and 60s. Even then, Germany had – as today – large trade surpluses. In the context of the then-existing currency of the Bretton Woods system based on Gold, and aligned with, the Central banks their balance of payments balances among themselves in Gold. The US Central Bank, the Bundesbank transferred so, for example, each year a certain amount of Gold.
This, however, was not transferred across the Atlantic to Frankfurt, but in the vaults of the Federal Reserve to leave. The division in the cost of transport. At the time of the Cold war was at its peak. Because it was political, that such property was outside the reach of possible invaders from the East. So the Bundesbank in Frankfurt, held up to the German unit of only 77 tonnes of Gold in their stocks, the two percent of the national gold reserves. by the end of 2012, this proportion grew to 31 percent, a total of 1036 tons. However, the majority of stored in New York, London and Paris. Then, the Bundesbank decided to increase this share by 2020, 50 per cent. This goal will be in the coming months, when the last of the gold bars in Paris were relocated to Frankfurt.
by the end of 2012, this proportion grew to 31 percent, a total of 1036 tons. However, the majority of stored in New York, London and Paris. Then, the Bundesbank decided to increase this share by 2020, 50 per cent. This goal will be in the coming months, when the last of the gold bars in Paris were relocated to Frankfurt.