Germany repatriates its gold deposited in London and New York

Economy Adina Camarasu
http://stocknewsusa.com/wp-content/uploads/2016/12/MW-DG878_gold_ZG_20150304013058.jpg

Bundesbank brought into the country in 2016 more precious metal than Germany has originally planned.

Germany’s Central Bank has repatriated this year more gold from its reserves held abroad than initially planned. The objective is that half of the yellow metal reserves to be deposited at the headquarters in Frankfurt until 2020, said the president of the Bundesbank, Jens Weidmann, ln an interview with Bild.

‘In 2016, we have brought back to Germany a quantity of gold significantly higher than originally planned. So far, almost half of the gold reserves are in Germany’, said Weidmann.

Following the debt crisis in the euro area, a large part of the German population expressed the wish that a higher percentage of the gold reserve of 3381 tons should be stored at home.

In response, the Bundesbank has recently published a detailed list with location, inventory number, weight and purity of each ingot from its reserves.

In the next five years, Bundesbank plans to repatriate another 307 tons from its reserves of gold, so that until 2020 more than half of Germany’s gold Germany will be stored within the borders of the country, about a third at the Federal Reserve and the remaining 13% to the Bank of England.

Instead, the Bundesbank will no longer deposit gold at the Central Bank of France.

According to Bild, about 1,600 tons of German gold reserves are now in the country and by 2020 will reach to Frankfurt up to 1,700 tons of gold. Jens Weidmann said the Bundesbank will complete the gold operation faster than was originally estimated.