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Frankfurt am Main | 23.08.2017

Bundesbank completes gold transfer ahead of schedule

50.6 per cent of Germany’s gold reserves are now stored in Germany. This goal was set out by the Bundesbank in 2013 and was scheduled to be achieved by 2020 at the latest. “This closes out the entire gold storage plan – around three years ahead of the time we were aiming for,” said Bundesbank Executive Board member Carl-Ludwig Thiele to representatives of the press.

German gold reserves

Hundreds of tonnes brought in stages to Frankfurt am Main

The plan envisaged half of Germany’s gold reserves being stored in German vaults in Frankfurt am Main by 2020. To this end, around 300 tonnes of gold from New York and 374 tonnes of gold from Paris were transported to Frankfurt in several stages.

The table below provides an overview of the amounts of gold transferred. 

 From ParisFrom
New York
TotalShare
in tonnesas a percentage
Transferred in 201332 t5 t37 t5%
Transferred in 201435 t85 t120 t18%
Transferred in 2015111 t99 t210 t31%
Transferred in 2016105 t111 t216 t32%
Transferred in 201791 t./.91 t14%
Total374 t300 t674 t100 %

Germany’s gold reserves are now stored in only three locations: at the Bundesbank in Frankfurt am Main and at its two partner central banks, the Federal Reserve Bank in New York and the Bank of England in London. The Banque de France no longer stores any German gold. The table below shows how the gold is allocated across the remaining storage locations. 

 Reserves
in tonnes*
Percentage
share
Deutsche Bundesbank, Frankfurt am Main1,710 t50.6%
Federal Reserve Bank, New York1,236 t36.6%
Bank of England, London432 t12.8%
Total3,378 t100.0%
* Rounded figures

In its storage plan, the Bundesbank is focusing on the two primary functions of the gold reserves: building trust and confidence at home, and being able to exchange gold for foreign currencies at gold trading centres abroad within a very short space of time.

Checking the authenticity of gold bars on arrival

The Bundesbank’s experts in Frankfurt am Main monitor the arrival of the gold, checking its authenticity and purity as well as the weight of the bars. In spring 2018, the Bundesbank will publish an updated version of its gold bar list as at 31 December 2017.

Additional information

Bundesbank completes gold transfer ahead of schedule

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The Bundesbank has completed the transfer of its gold reserves from New York and Paris to Frankfurt am Main three years ahead of schedule.

The German gold reserves

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The Bundesbank's relocation of gold from storage locations abroad is running very much according to schedule. In 2015, 210 tonnes were relocated to Frankfurt am Main – 110 from Paris and 100 from New York.

According to its gold storage plan, unveiled in 2013, the Bundesbank will be storing half of Germany's gold reserves in its own vaults in Frankfurt am Main from 2020 onwards. This necessitates a phased transfer to Frankfurt am Main of 300 tonnes of gold from New York and all 374 tonnes of gold from Paris.

Since the transfers began in 2013, the Bundesbank has brought a total of 367 tonnes of gold to Frankfurt am Main – 177 tonnes from Paris and 190 tonnes from New York. This is equivalent to roughly 54.5% of the total quantity to be transferred (as at 31 December 2015).

A film published in February 2015 explains how Germany's gold reserves came into being and the reasons behind the relocation.