Germany plans to repatriate billions in gold from New York, Paris: report

Michael Babad
14:14 EST Tuesday, Jan 15, 2013
Print this article Email this article

Show advertisement

These are stories Report on Business is following Tuesday, Jan. 15, 2013.

Follow Michael Babad and the Globe’s top business stories on Twitter.

Germany and gold
Germany’s central bank is said to be planning to repatriate thousands of tonnes of gold held at other central banks in a throwback to the Cold War.

The Bundesbank has scheduled a news conference for tomorrow, but there are no details, other than that the meeting with reporters will be about its gold reserves.

But Handelsblatt, a daily German paper, reported that the central bank will bring home some of the 1,500 tons held at the Federal Reserve in New York and more at the Bank of Paris.

The Bundesbank says it holds almost 3,400 tonnes of gold that was valued at €132.8-billion ($176.6-billion U.S.) as of Dec. 31.

Of that, the Bundesbank holds more than 1,000 tonnes in Frankfurt, the Fed more than 1,500 tonnes in New York, The bank of France almost 400 tonnes in Paris, and the Bank of England 450 tonnes in London.

In total, there are more than 270,000 bars.