Germany Removing Gold From U.S. & France

By: Associated Press
By: Associated Press
Germany

In this undated file picture publicly provided by German Central Bank, gold ingots, are stored at their headquarters in Frankfurt, Germany. A German newspaper reports the country's central bank will repatriate parts of its massive gold reserves worth about US $200 billion at current market rates from storage sites in the United States and in France. Daily Handelsblatt reported Tuesday Jan 15, 2013 the Bundesbank plans to bring back to Germany some 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. (AP Photo/hopd/Deutsche Bundesbank)

FRANKFURT, Germany (AP) -- Germany's central bank is to bring back home some $36 billion worth of gold stored in the United States and France.
The Bundesbank said in a statement Wednesday that it will repatriate all 374 tons of gold it had stored in Paris by 2020. An additional 300 tons -- equivalent to 8 percent of the Bundesbank's total reserves worth about $183 billion -- will also be shipped from New York to Frankfurt.
Frankfurt will hold half of Germany's 3,400 tons of gold by 2020, with New York retaining 37 percent and London storing 13 percent.
The move follows criticism from Germany's independent Federal Auditors' Office last year bemoaning the central bank's oversight of gold reserves abroad.


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