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 © 2015 euronewsMore about:
- 1Netanyahu warns US Congress against Iran nuclear deal
- 2Artists hints at Monica Lewinsky scandal in Bill Clinton portrait
- 3Moscow funeral: “The shots were fired not only at Nemtsov but at democracy in Russia”
- 4Pro- and anti-Netanyahu protesters cry out from Capitol Hill
- 5Belgium: Pegida anti-Islam march attracts 200
- 1‘Blue’ dress causes internet confusion. Is it white and gold?
- 2Indian rapist says women to blame for being sexually assaulted
- 3Amnesty calls on permanent members of UN Security Council to lose their veto
- 4Mexico volcano eruption causes further flight cancellations
- 5Kyiv’s suspension of gas flow to eastern Ukraine ‘smells of genocide’ says Putin
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Exclusive: CIA and Mossad are behind Boko Haram and ISIL, says Sudan president | euronews, world news
- 3eurovibes - a selection of Europe’s best music talent
- 4Indian rapist says women to blame for being sexually assaulted | euronews, world news
- 5English and Spanish among happiest languages | euronews, world news
- 6Exclusive: Tsipras promises meritocracy, transparency for Greece, urges Europe to put people first | euronews, world news
- 7Tens of thousands march in Moscow in memory of Boris Nemtsov | euronews, world news
- 8International news | euronews, latest international news
- 9Dramatic dashcam video captures Taiwan plane crash | euronews, world news
- 10Data ‘mocks’ claims migrants try for Europe ‘expecting’ sea rescue | euronews, world news
- 11European Union News | euronews: latest breaking news and headlines about European Union
- 12Watch: Ukraine MPs in fierce fist fight outside parliament | euronews, world news
- 13‘Blue’ dress causes internet confusion. Is it white and gold? | euronews, world news
- 14Live updates: follow the 2015 Oscars ceremony | euronews, world news
- 15euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 16Kosovo emptying out, hopes for independent future exhausted | euronews, world news
- 17Handwriting and the digital age, time for change in schools? | euronews, learning world
- 18Implanted RFID chip controls office access for Stockholm workers | euronews, hi-tech
- 19London calling: why home-loving Hungarians are flocking to British capital | euronews, reporter
- 20Elastic road surface reduces motorway noise pollution | euronews, futuris
Wires > News
- 08:58 CET Colombia detains China Cosco Shipping vessel over illegal arms
- 08:57 CET More than 30 killed in mine blast in rebel east Ukraine – local…
- 08:21 CET China says detained ship involved in ‘normal trade cooperation’
- 08:09 CET China says Hong Kong must protect mainland tourists after protests
- 07:50 CET Afghan leader orders graft review for all army supply contracts
- 07:43 CET Insight – Syria’s Nusra Front may leave Qaeda to form new entity
- 07:25 CET Documentary on 2012 Delhi gang rape banned in India
- 06:59 CET China says NGOs need regulating for national security reasons