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.
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.
as a percentage
|Transferred in 2013||32 t||5 t||37 t||5%|
|Transferred in 2014||35 t||85 t||120 t||18%|
|Transferred in 2015||111 t||99 t||210 t||31%|
|Transferred in 2016||105 t||111 t||216 t||32%|
|Transferred in 2017||91 t||./.||91 t||14%|
|374 t||300 t||674 t||100 %|
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.
|Deutsche Bundesbank, Frankfurt am Main|
|Federal Reserve Bank, New York|
|Bank of England, London|
* 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.