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Bundesbank completes gold transfer ahead of schedule

Bundesbank completes gold transfer ahead of schedule

23.08.2017

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.

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 Paris

From
New York

Total

Share

in tonnes

as 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%

Total

374 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 Main

1,710 t

50.6%

Federal Reserve Bank, New York

1,236 t

36.6%

Bank of England, London

432 t

12.8%

Total

3,378 t

100.0%

* 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.

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