Germans give up on getting back their gold held in the U.S.
Duncan Richardson, News Editor
24 Jun 2014, 10:32 a.m.
In January 2013 the German Central Bank announced it was going to repatriate 374 tonnes of German gold held in Paris and a further 300 tonnes from Federal Reserve in New York.
Since then the Bundesbank has managed to repatriate a total of 37 tonnes of gold and worryingly only 5 tonnes came from the vaults at the Federal Reserve. In total 45% or 1,698 tonnes of German gold is held in the U.S.
This has led many Germans and commentators to question whether Germany’s gold still exists, with many suspecting the gold has either been sold or leased into the market.
After months of speculation Chancellor Merkel attempted to put the rumours to bed yesterday by announcing the Bundesbank is to stop the repatriation process on the basis they are now confident their gold is safely stored.
Norbert Barthle, the budget representative for Angel Merkel, confirmed in an interview. "Objectively, there’s absolutely no reason for mistrust."
This latest announcement will do little to stop the speculation as many Germans just won’t believe the gold exists until it has been returned home.