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.
Copyright © 2014 euronewsMore about:
- 1US says ISIL makes $1 million-a-day selling oil – even to enemies
- 2Israel: Hamas praises Jerusalem attack which killed baby girl
- 3Doctor in New York tests positive for Ebola infection
- 4Video footage of Canadian parliament gunman shows final movements
- 5Ukraine PM warns Russia may try to disrupt election
- 1Israel: Hamas praises Jerusalem attack which killed baby girl
- 2Ottawa fatal shooting: Police admit they were ‘caught by surprise’
- 3Revealed: Europe’s capital cities where it’s hardest to be a foreigner
- 4Police search for possible suspects following attack on Canada’s parliament
- 5Intruder sparks lockdown at the White House
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 6Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 7Sweden becomes first European nation to recognise Palestine | euronews, world news
- 8How nasheeds became the soundtrack of jihad | euronews, world news
- 9International tv news | euronews: European and International tv news bulletin
- 10European Union News | euronews: latest breaking news and headlines about European Union
- 11Iceland volcano ‘pollutes Paris’ | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 14Learning through “serious games” | euronews, learning world
- 15All you need to know about the Ebola virus | euronews, world news
- 16US delivers technical aid to Ukraine but warns over security | euronews, world news
- 17euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 18Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
- 19Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 20International news | euronews, latest international news
Wires > News
- 13:46 CET Protesters in Hong Kong to vote on government proposals
- 13:33 CET Tunisia forces kill six after standoff with militants outside Tunis
- 13:26 CET Chad says Nigeria deal with Boko Haram to free girls still on
- 13:13 CET Uruguay’s left in battle to retain presidency, and marijuana law
- 13:07 CET Algeria’s Bouteflika consolidates curbs on state intelligence…
- 12:59 CET Botswana votes in poll set to test ruling party dynasty
- 12:42 CET Japan could deploy minesweepers off South Korea in war with North…
- 12:40 CET Russia still has troops in Ukraine, NATO says