Germany brings its gold back home

Germany brings its gold back home

A total amount of 3,378 tons of gold has been brought back to Germany from three countries; France, London and US. Germany repatriated all of its gold from Paris and around a third of its gold stored in the US. In the past, the gold was reserved abroad due to the fear of ending up in the wrong hands during the cold war.

This repatriation project was completed three years before schedule by Germany’s central bank, with the last 100 tons from Paris returned in the beginning of this year. Germany has been bringing back its gold to Frankfurt from France and US for the past four years.

According to the central bank, one of the biggest motivators for bringing the gold back home is to increase and help grow public confidence and trust. Apart from that, it is also to show that the country is no longer worried about protecting their gold from Soviet control, which was a true fear during the Cold War. With regards to recollecting the gold from Paris, the Germans are no longer concerned about gold acting as a guarantee to exchange international currencies in emergency situations, since now both countries use the Euro.

In total the amount of gold collected is worth up to 140 billion Euro.

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