Germany repatriate gold from the U.S.

Germany repatriate gold from the U.S.There was one rare case when the independence of the Central Bank went on about the public opinion. Germany fears the crisis began to resent the fact that 70 percent of the nation's gold reserve is stored abroad. On Wednesday, the Bundesbank announced the repatriation of 374 tons of gold, which are at the central bank in France, as well as 300 tons of gold from 1,500 tons, which is stored in the U.S.. It is noteworthy that the deposits in London, which holds about 400 tons of German gold, decided not to slow down until 2020.

"In Germany, a large number of emotions related to the theme of gold reserves. The Central Bank raised its credibility, turning gold into its own repository. Bank earned the trust at home and can be changed at the earliest gold in foreign currency ", — explained at the press conference, the Central Bank of Carl Thiel, of the Council of Directors.

Return to Germany five hundred tons of gold would be the large transfers of this metal in history. This is the equivalent of the amount of 64 thousand standard 500-ounce bars. From Paris to Frankfurt to be easy to transport in a truck, while transportation from New York City, probably carried by the aircraft. For security reasons, the Bundesbank did not report how they were going to carry gold, noting that the operation of transportation will cost approximately $ 10 million

Germany is the first country that has decided to repatriate gold. Among other such states are Venezuela and Iran, were motivated by fears that the asset will be confiscated due to international sanctions. Germany sees no risk of the crisis, but she sees the gold.

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