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Germany pulling $200 million in gold reserves from US, France

Germany gathers its gold.

Gold barsEnlarge
Gold ingots in an antique safe, about 100 years old, shown at the "History of Money" exhibition at the Hungarian National Bank in Budapest. (Attila Kisbenedek/AFP/Getty Images)

Germany is taking its gold back, with plans to move $200 worth of reserves currently stored in the US and France back to the mainland, according to the county's Daily Handelsblatt newspaper, said the Associated Press

Much of the nation's gold reserves were moved abroad during the Cold War as a safeguard against a potential Soviet invasion. There was little movement on the stores until a recent Federal Audit Office report criticized Germany's central bank, the Bundesbank, for monitoring failures, according to Agence-France Press

The bank said it will release a new plan for the reserves on Wednesday. 

The Daily Handelsblatt said Germany is looking to pull some of the 1,500 tons of gold stored in New York's Federal Reserves as well as the entire 450 tons kept at the Bank of France, according to AP

Germany holds gold reserves equivalent to some $177.5 billion in total, but only 31 percent of that is currently housed inside the country, said AFP

http://www.globalpost.com/dispatch/news/regions/europe/germany/130115/germany-pulling-200-million-gold-reserves-us-france