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.
- 1Poland ‘has located’ buried Nazi treasure train
- 2Budapest vigil for 71 found dead on Austrian motorway
- 3Disruption continues after travellers end French motorway blockade
- 4Germany wants camps in Italy, Greece, Turkey to sort through migrants seeking asylum
- 5Tropical Storm Erika threatens Haiti and Dominican Republic with mud slides
- 1‘Dude, I tried to shoot him’: video shows moments after train attack in France
- 2Virginia:TV journalist and cameraman shot dead live on air
- 3New York: toplessness in Times Square could change forever
- 4US shootings: suspect dies of gunshot wounds
- 5UK: at least 7 dead, ‘more bodies may be found’ after Shoreham plane crash
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International breaking news | euronews online world breaking news in video
- 3Caught red-handed: the Russian Major fighting in Ukraine
- 4Video footage shows massive explosion in Tianjin, China
- 5Ukraine puts top Russian general Gerasimov on ‘most wanted’ list
- 6International news | euronews, latest international news
- 7Why World Elephant Day matters
- 8Latest News Bulletin
- 9Who came out top in the US Republican television debate?
- 10UK: at least 7 dead after plane crashes into road in Brighton
- 11Snowden, Assange and Manning statues unveiled in Berlin
- 12Virginia:TV journalist and cameraman shot dead live on air
- 13ISIL militant group claims to have killed Croatian hostage in Egypt
- 14Earth Overshoot Day…Pushing Mother Nature too far
- 15Windows 10, three weeks on: the good, the bad and the ugly
- 16Bringing the trolls out of the dark: Russian ‘troll’ awarded 1 rouble damages
- 17As ‘Daily Show’ Jon Stewart’s tenure ends, scholars say goodbye to their research topic
- 18Momentum for Mars: Astronauts say mission is inevitable
- 19Scientists find sinkhole cave under Mexico’s Kukulkan Castle Pyramid
- 20Migrant crisis pushing Greek island of Kos to the limit
Latest world news
Martin Schulz attacks ‘cynical’ EU governments over migrants crisis
Malaysia: Protesters demand resignation of PM Najib Razak over financial scandal
Palestinian women and children force Israeli soldier to release boy
Thai police arrest ‘Turkish’ man over Bangkok bombing
Disruption continues after travellers end French motorway blockade
Wires > News
- 23:40 CET Egyptian court sentences three Al Jazeera journalists to prison
- 22:15 CET Turkish opposition leader says talks would secure Kurdish ceasefire
- 21:10 CET Refugee children, close to death, found in van in Austria
- 19:19 CET European ministers agree more railway security, urge Schengen…
- 19:11 CET Myanmar bans parties from criticising army in state media
- 17:55 CET Christian group occupies Philippine highway for second night
- 16:20 CET Iran’s Rouhani says military power not affected by nuclear deal -…
- 15:55 CET China grants amnesty to mark anniversary of WW2 victory