The German Federal Bank accelerated returns German gold reserves from foreign vaults. It is reported RIA Novosti with reference to the President of the Bundesbank, Jens Weidmann.
According to the banker, the process is in accordance with the new concept store of gold. So, by 2020 to Frankfurt should be relocated half of the total gold reserves of Germany.
“Since then, was adopted as new concept stores in Frankfurt were delivered 366 tons of gold with a total value of approximately 11.5 billion euros. Thus, here now contains about 1400 tonnes and 41.5% of our gold reserves. We keep schedule,” said Weidmann. The remainder will be stored in new York and London. The contract for the storage of German gold in the vault of the French Central Bank in Paris will be terminated.
Gold reserves of Germany is approximately 3,400 tons and is the second largest in the world after the USA.
Recently it was reported that Canada sold its gold reserves and was the only country “big twenty”, left without monetary gold. All other developed and developing economies of the world keep gold as a protective asset.