05:21 GMT +3 hours27 May 2016
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Germany Continues Repatriation of Gold Reserves From Abroad

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Deutsche Bundesbank has already delivered the precious metal valued at approximately 11.5 billion euros to Frankfurt. The country is planning to bring back half of the country's gold reserves until 2020.

The German central bank accelerated the withdrawal of Germany's gold reserves from overseas repositories, president of the Bundesbank Jens Weidmann said Sunday.

According to Weidmann, the bank is working on a new concept of the gold storage adopted by Germany in 2013, according to which at least half of the total gold reserves of the country should be transferred to Frankfurt until 2020.

Weidmann said that 366 tons of gold at a total value of approximately 11.5 billion euros have been delivered to Frankfurt so far.

"Thus, there are now about 1,400 tons or 41.5% of our gold reserves here. We comply with the schedule," Deutsche Welle quoted the banker as saying.

According to him, the rest of the gold will be stored in New York and London.

Gold is an additional reserve currency for Germany. According to the Bundesbank, the German gold reserve amounts to approximately 3,400 tons and is the second largest in the world after that of the United States.

"There are suggestions Germany wants its gold because it's worried its loans to less fiscally responsible sovereigns won't be repaid. But I believe Germany is preparing in case the euro were to eventually dissolve, so it wants its gold to potentially back a new Deutsche Mark. Perhaps they, too, recognize gold's return to its role as money," Peter Krauth wrote in 2013 for Money Morning.

The gold reserve is to a certain extent a financial regulator for Europe as a whole and ensures Germany a leading role among European countries.

Related:
Germany Repatriates Gold Assets From Foreign Countries
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repatriation, gold reserves, Germany
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  • I'm proud of Germany (i'm part german).
    Take back that gold that they have stolen from you germany ! :)
  • cezum
    Well, good luck getting back it's gold from the empty vaults of Fort Knox! What gold?
  • professor.hornblow
    Germany will never get its US gold back because it has gone, along with the rest of the so- called US gold reserves. The reserves have not been independently audited for more than 30 years. There's nothing left. www.bullionstar.com/blogs/koos-jansen/us-government-lost-7-fort-knox-gold-audit-reports
  • Kim Kyu-Un
    The only thing Germany is going to get is US Paper Gold dollars,
    with nice Gold Plated Ink on them; because the United States
    most certainly ain't got NO Gold, to give back to anyone!
    Enjoy your Gold-Plated Tungsten Bars!
  • megargy
    This is a PR show for the public to swallow as there is no Gold in either Fort Knox or Frankfurt until a fully independent international audit is done as I reckon its been nicked a long time ago !
  • backfromthegraav
    Well the Nazi Krauts will need real gold son to buy Gas from Russia ....not just for Germany, but also for Ukriane ... as Russia will refuse dollars and euro's ... ROFLOL
  • michael
    I wonder how accurate that statement is about the germans being concerned over the state of the euro?
  • siberianhusky
    Whish them good luck getting it back out of the USA. A few yeast ago the Americans could not give the 400 tons until 2020 that the are supposed to have in storage for the Germans.
    For that matter the American have refused do a full audit of Fort Knox since the mid 50's and a long time rumour is that Fort Knox is empty.

    www.globalresearch.ca/u-s-dollar-collapse-where-is-germanys-gold/5321894
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