Germany to repatriate its Gold back from abroad

Germany to repatriate its Gold back from abroad

98% of Germany’s riches were stored outside of the country between 1947 and 1991, due the Cold War.  In 2000 the Bundesbank collected nine hundred and thirty-one tons of gold from the Bank of England.  In 2017, Germany plans to make another mega repatriation.

The Gold plan of Germany came earlier than expected.  According to the central bank of Germany, Berlin plans to bring home its gold reserves from Paris, New York and London.  The original plans were in 2020, however, Germany plans to collect at least half of its gold by the end of this year.  There were already five hundred and eighty-three tons of gold moved by the German Bundesbank from two of the countries mentioned.  The Bank of England and New York will split the remaining gold.

Some economics said that the collection of the gold by Germany is due to fear of the Eurozone collapsing.  Furthermore, the Italy’s 5-Star Movement and the French presidential candidate Marine Le Pen are speaking about pulling out of the euro.

NO COMMENTS

LEAVE A REPLY