Germans: 'Yes, Gold IS Money'
by Secular Investor
At least, until last week, when Germany announced it has been able to accelerate the gold repatriations. Indeed, the country has now repatriated all the gold it wanted to get back from New York and now has to bring just 91 additional tonnes ‘back home’ from Paris.
Bundesbank successfully completes transfers of gold from New York
The Bundesbank successfully continued its transfers of gold last year. In 2016, more than 216 tonnes of gold were transferred to Frankfurt am Main from storage locations abroad: 111 tonnes from New York and 105 tonnes from Paris. "The transfer of gold from New York was completed successfully last year," said Carl-Ludwig Thiele, Member of the Bundesbank’s Executive Board. "The transfers were carried out without any disruptions or irregularities. The gold storage plan for New York, which envisaged the transfer of 300 tonnes of gold from New York to Frankfurt, was fully realised in 2016," Mr Thiele stated.
According to its gold storage plan, unveiled in 2013, the Bundesbank will be storing half of Germany’s gold reserves in its own vaults in Frankfurt am Main by 2020. This required a phased transfer to Frankfurt am Main of 300 tonnes of gold from New York and 283 tonnes of gold from Paris by the end of 2016. "We will be able to complete the transfer of gold from Paris this year too," Mr Thiele added. Consequently, there will no longer be any German gold reserves in Paris. The realisation of the gold storage plan is therefore considerably ahead of the original schedule.
Source: Bundesbank.de
Once those final 91 tonnes will be back in Frankfurt, Germany will cut all ties with the custodian in Paris and its gold will remain in the Frankfurt, London and New York vaults, and approximately 50% of the entire inventory of the country will be held inside the country.
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