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.
- 1Pope Francis kisses hands of Holocaust survivors
- 23D, 360° virtual reality is ready to launch – on an adult film
- 3Bombing in Syria not World War III, says Russia’s EU ambassador
- 4Migrant crisis: Hungary poised to shut unofficial border crossings with Croatia
- 5Syria: We believe that Russia has the wrong strategy, says US
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Syrian refugee tripped by shamed camera woman is named
- 3Hungarian camera woman caught on video kicking and tripping migrants could face jail
- 4Hungarian reporter who tripped migrants apologises for her actions
- 5NASA discovers evidence of “liquid briny water” flowing on Mars
- 6Latest News Bulletin
- 7At least 220 dead in stampede outside Mecca, Saudi Arabia reports
- 8International breaking news | euronews online world breaking news in video
- 9What the top tweets worldwide are saying about #refugees
- 10Why aren’t rich Gulf states welcoming Syrian refugees…or are they?
- 11Why aren’t rich Gulf states welcoming Syrian refugees… or are they?
- 12Hungarian camerawoman fired after being filmed kicking migrants
- 13Which European countries offer the most social benefits to migrants?
- 14[Live] All the Rugby World Cup news in one place
- 15Spain: Catalan President faces ‘civil disobedience’ charges over breakaway vote
- 16International news | euronews, latest international news
- 17Banzai back in the vocabulary as Japan passes law allowing combat deployments
- 18Exclusive: shipwatchers chart Russian hardware heading into Med
- 19Migrant tripped up in Hungary gets Spanish football job
- 20Israel agents ‘incite’ stone-throwing in West Bank
Latest world news
Islamic Sate fighters seize villages close to Aleppo – reports
Rebuilding a pluralist Syria key to encouraging returns
Nobel Peace Prize for Tunisia’s National Dialogue Quartet
Palestinians shot dead in Gaza as Middle East violence escalates
Russia denies US claims cruise missiles malfunctioned over Iran
Wires > News
- 19:29 CET Israel, Iran trade barbs at U.N. disarmament panel meeting
- 19:23 CET Paris train hero was breaking up fight when stabbed in California…
- 19:17 CET Islamic State closes in on city of Aleppo in Syrian fighting
- 19:13 CET Italy sends Eritreans to Sweden to seek asylum under EU plan
- 19:08 CET Six killed in Gaza as Israeli-Palestinian violence widens
- 18:48 CET Refugee arrivals surge in Greece with bad weather ahead – IOM
- 18:12 CET Poachers kill four rangers, army officer in Congo park
- 18:11 CET In 26 countries, girls more likely to be married off than go to…