Daily Management Review

German Gold Reserve Returns Home


12/21/2015


Head of the Bundesbank Carl-Ludwig Thiele reported that gold reserves repatriation in Germany goes according to plan, and half of all German gold will be stored in the country by 2020. In total for this period, 674 tons of gold will be transferred to Germany from the United States, Britain and France.



Agnico-Eagle - Agnico-Eagle Mines Limited
Agnico-Eagle - Agnico-Eagle Mines Limited
According to the German newspaper Frankfurter Allgemeine Zeitung, Bundesbank President Carl-Ludwig Thiele said, "We are staying on schedule. By 2020, half of all German gold will be stored in Germany." Recall that historically, significant part of the German gold reserve is kept in other countries. German gold reserve is the second in the world after the United States (270 th. of gold bullions, totalling 3384 tons. In 2012, only 31% of the gold were stored in Germany (1,036 tons), the rest was kept in London, Paris and New York. "We do not return the gold to Germany, because it was never stored here. Before German reunification, the country kept only 77 tons of gold for safety reasons during the Cold War,"- said Mr. Thiele.  

For quite a long time, the German authorities were under pressure from public opinion, demanding all the gold back to its homeland. Gold repatriation supporters argued that need for separation of the gold reserve had disappeared with collapse of the Soviet Union and reunification of Germany. Some have argued that Americans either can confiscate gold to blackmail the German government, or even steal it. In 2013, Bundesbank even had to announce that a delegation visited the Bank of New York and "saw everything that was necessary." Last year, it was decided to repartiate gold from storage facilities in Paris, London and New York in amount sufficient to ensure that half of the country's gold reserves stored in Germany. In total, 674 tons of gold will be repatriated to meet this goal. Since 2013, 157 tons of gold have been brought back to Germany. Some organizations continue to fight for return of the gold reserve back to home – for example, there is even a movement called "Let's keep our gold home."

 






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