Germany’s Bundesbank is to bring home almost 700 tonnes of gold, worth 27 billion euros, from vaults in New York and Paris.
Germany has the second highest gold reserves in the world, after the United States, but keeps just a a third of it on home soil. The majority is stored in vaults in Paris, New York and London.
The bars were originally squirreled away to the west during the Cold War to keep them safe in case of Soviet invasion.
Central banks often store gold abroad as a ready source of currency in case of a time of financial crisis.
The central bank will now be withdrawing all of its gold from Paris – 374 tons in all – as France also uses the euro. It will also take 300 tons out of New York.
It will not touch its reserves in London, although the Bundesbank did already ship around 850 tons of gold from London to Frankfurt between 1998 and 2001.
Despite having such a large amount of gold – 3,396 metric tons worth around 150 billion euros – Germany only started building up its reserves in 1951.
Using income from taxes it paid 2.5 million deutschmarks for 529 kilograms in October of that year and has built it up gradually since then through taxes and accepting gold as payment on trade surpluses.
Shipping such a large amount of the precious metal will be a great security challenge. To avoid losing any in a heist there is a top-secret plan to move the gold to the Bundesbank in in Germany’s financial centre over the next eight years.
Carl-Ludwig Thiele of Bundesbank declined to say how the transfer would be accomplished or to estimate the cost. What he said though, was that the Bundesbank had plenty of experience in the field of moving large sums of money.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International news | euronews, latest international news
- 3Most Istanbul blast victims ‘were German’, says Turkey
- 4Thousands in Bucharest blame corruption for Friday’s nightclub blaze
- 5Hope vs harsh reality: challenges to global education goals in the 21st century
- 6Madrid to appeal Catalan road to independence from Spain
- 7Moldova: protesters storm Parliament
- 8Partnering to grow Europe
- 9Norway sends Syrian refugees back to Russia
- 10Merroussis clinches the 33rd Athens Authentic Marathon
- 11Jorge Lorenzo clinches his third MotoGP title in Valencia
- 12‘National’ funeral for Celine Dion’s husband ‘over the top’
- 13Extras : euronews : the latest international news as video on demand
- 14Brussels remains on high alert: ‘multiple operations underway’ across Belgium
- 15Paris: “I would rather see my brother in prison than in a cemetery”
- 16Benzema questioned in French sex tape case
- 17Special Reports : euronews : the latest international news as video on demand
- 18account : euronews : the latest international news as video on demand
- 19latest Learning World - All Programmes | euronews : the latest international news as video on demand
- 20Business news and finance news | euronews: international economic and finance news
Latest world news
Diplomatic row at the UN highlights the difficulties for peace in Syria
Fears that Zika virus could be linked to rare nerve disorder
Fatal crane collapse in New York City
Taiwan: Multiple buildings collapse after a 6.4 magnitude earthquake
Catholic Saint Padre Pio’s remains begin journey to the Vatican
Wires > News
- 01:03 CET Quake fells Taiwan apartment tower, two reported killed so far
- 00:41 CET Pentagon releases photos tied to Afghan, Iraq detainee abuse
- 00:14 CET Despite Libya urgency, hurdles to quick action against Islamic…
- 00:12 CET Convicted al Qaeda supporter, U.S. face off in medical malpractice…
- 23:53 CET Exclusive – U.S. presidential hopefuls Sanders, Clinton in dead…
- 23:49 CET Guinea journalist killed in clashes between opposition factions
- 23:19 CET U.S., Britain eye letting spy agencies, police seek email, chat…
- 23:13 CET Anti-Nazi centre urges dismissal of Croatia’s culture minister