Germany continues repatriating gold reserves
- Published: Feb 15, 2016, 4 AM
Germany's central bank, Deutsche Bundesbank, reports that Germany's gold repatriation plan begun in 2013 is continuing, in its quest to transfer more than 673 metric tons of gold from Paris and New York storage back to Germany by 2020.
Germany, with 3,381 metric tons of gold reserves, has the second highest gold reserves in the world, behind only the United States, according to statistics compiled by the World Gold Council.
In 2015, Germany picked up the pace of its repatriation over 2014, transferring around 110 metric tons of gold from Paris storage facilities and around 100 metric tons from New York, according to Deutsche Bundesbank.
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Since the transfers began in 2013, and including the 2015 transfers, Germany has repatriated about 366.3 metric tons of its gold, or about 54.4 percent of the combined total of more than 673 metric tons it intends to transfer, according to bank officials. According to the plan, Germany will eventually have about half of its gold reserves stored in Germany.
The repatriation plans called for all of Germany's gold held in Paris to be transferred back to Germany, a total of about 373.7 metric tons. About 300 metric tons from its New York storage will be transferred in total. All of Germany's gold stored in London, about 434.7 metric tons, is to remain there, according to Deutsche Bundesbank officials.
The majority of Germany's gold held in country is being stored in Frankfurt, with December 2015 reserves there totaling 1,402.5 metric tons. In addition to the Frankfurt reserves, Deutsche Bundesbank reports it still holds more than 1,347 metric tons of gold in New York, 434.7 metric tons in London and more than 196 metric tons in Paris.
So far, Germany has repatriated more than 177 metric tons from Paris, and about 189 metric tons from New York.
The United States holds in its own gold reserves 8,133.5 metric tons of gold, with the bulk of the total held at the Fort Knox Gold Bullion Depository in Kentucky under the protection of the United States Mint.
Monthly status reports on U.S. government gold reserves are posted by the Treasury's Department's Bureau of the Fiscal Service.
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