69 tonnes of gold repatriated to Germany
Adam Pike, News Editor
27 Mar 2014, 11:48 a.m.
According to German Central Bank official, Henner Asche, 69 tonnes of German gold has so far been repatriated, from New York and Paris back to Frankfurt. Under the repatriation program Germany has requested that 674 metric tonnes are returned from vaults in New York and Paris by 2020.
Asche also confirmed Germany has no plans to repatriate all its gold to Germany instead preferring to keep a percentage of their reserves in New York and London in case they wish to sell.
By 2020, the amount of gold held in Germany will increase by 50%, Paris will no longer hold any German gold, New York’s share will be reduced to 37% and the amount held in London will remain unchanged.
Under the program, gold will be repatriated over a seven year period with no more than one tonne being shipped at any one time due to insurance restrictions. Gold consultant George Milling Stanley confirmed in order for the shipments to be insured it must be delivered by air and in consignments of no more than one tonne.
In total, Germany owns 3,387 tons of gold, the world’s second highest reserves after the United States.