Subscribe to Newsletter

Categories

Most Viewed

Archives

Why now? Germany to repatriate gold from US, France

700_e2419742b3eb9add29a83a0a742232f7A German newspaper reports the country’s central bank will repatriate parts of its massive gold reserves worth about $200 billion at current market rates from storage sites in the United States and in France.

Daily Handelsblatt reported Tuesday the Bundesbank plans to bring back to Germany most of its 1,500 tons of gold stored with the Federal Reserve in New York, and all of the 450 tons currently with the Bank of France in Paris.

The central bank declined to comment on the report but invited reporters to a press briefing where it will present a new plan to manage the gold reserves totaling about 3,400 tons Wednesday.

Most of Germany’s reserves have been stored abroad since the Cold War over fears of a Soviet invasion.

Why now? And why the hurry?

( via bigstory.ap.org )