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Germany goes for gold


economy

Germany goes for gold

Germany’s central bank is to bring home hundreds of tonnes of gold.

The bullion is part of the nation’s reserves that it kept in the United States and France during the Cold War as a precaution against an invasion from the Soviet Union.

Germany has 3,400 tonnes of gold, but only a third of it is stored in Frankfurt.

Forty five percent is the US Federal Reserve’s vaults in New York.

The Bundesbank said another factor is that it now has more space in its vaults to store the gold.

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