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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

EdwardB More than 1 year ago
USA does not have the gold . . .they stoled it a long long time ago. Lookout . . . .I think we may be going to a trumped up war with germany!
Christian Weise More than 1 year ago
Dear Kirstin, not sure what the heck you have been smoking, but surely it must have been good stuff... If you hold any gold, can I please buy it off you at the rate you believe it to be worth? $200 million vs $40 billion at current market prices makes a tiny wee difference, don't you think?
Christian Weise More than 1 year ago
Alan, I believe the gold accumulated through trade deficits occured in the US, UK and France during the age of the gold standard. Germany might have been one of the biggest debt transgressors depending on view, but in fact it was without a doubt by far the biggest wealth transfering nation in the 20th century - just combine the treaty of Versaille reparations, the 2nd WW reparations, the loss of a significant part of her territories, the loss of basically all its (citizens) intellectual property rights (patents) and braind drain after 2nd WW, plus the huge amounts paid towards the 'european cohesion and structural funds. To achieve that top spot it is not even necessary to count in the absolutely massive transfer payments towards the eastern part of Germany after reunification. I can't see much change for the 21st century with Germany still beeing the biggest contributor towards the european project (I believe about 25 billion Euro a year) plus the biggest contibutor the euro bailouts (I believe officially 211 billion Euro, but if counting in the credits accumulated through ECB over 700 billion to date). Those bloody Germans, 'ey?
Alan More than 1 year ago
Germany has gold reserves of 177.5 billion of which 30 percent is being held in 'France and America since the period of the cold war. Where did they get all of this gold so soon after WW11? And with all of this money why do they not pay Greece their rightful reparations for WW11 as agreed by the international courts? Albrecht Ritschl, a renowned economic historian has pointed out that "Germany is the biggest debt transgressor of the 20th century!"
brian More than 1 year ago
200 million? You people need to fact check your figures.