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Bundesbank brings part of the gold reserves home - UPDATE

Bundesbank holt Teil der Goldreserven nach Hause

Druck des Bundesrechnungshofes zur Überprüfung    - Rückführung aus New York

Bundesbank brings part of the gold reserves home

Pressure of the Federal Court for review - return from New York
Feeble Translation:
Frankfurt / Main (DAPD). Pressure by the Federal Court and individual politicians, the Bundesbank is bringing some of its gold reserves from the U.S. to Germany. In Germany, the bars will be melted down to verify the authenticity and quantity of the precious metal according to a Bundesbank spokesman said on Monday in Frankfurt. The Federal Court described the repatriation from the U.S. Federal Reserve only as "a first step.

For months, the German Federal Court and some members of German parliament, asked that the Bundesbank investigated the stored gold abroad more comprehensively than before. Instead of a spot check of bars and replying on the vault inspection, they were asked to assay the property. The demand of the Federal Court is also part of a report to the budget committee of the Bundestag.

Randomly inspection of bars for authenticity in the narrow vaults of the private Federal Reserve Bank of NY is not possible except by central banks. Inspection is not commonly conducted nor part of the storage arrangement.

Bundesbank's gold is worth 150 billion euros

The Bundesbank controls almost 3,400 tonnes of gold, worth about € 150 billion, and about two-thirds are stored abroad. According to Bundesbank figures, a large part of the inventory, but less than half of , are stored in New York, where it is kept by the privately owned Federal Reserve bank of NY. The gold provides the Federal Reserve Bank collateral for dollar stores in the event of a crisis. Another part of the German gold stored in London and Paris. "There are still good reasons to store the gold in New York or London," said the Bundesbank spokesman.

In response to demands, the Bundesbank will take approximately three years starting in 2013 will more a "significant amount" of gold from the NY Fed to Germany. The cost and security of the transfer are being planned for. In Germany, the bars will be melted down tested and re-poured to new standard bars, insuring the value.Meanwhile, according to the "Bild" newspaper: the Bundesbank and the German Bundestag Philipp Missfelder Marco Wanderwitz (both CDU) refused to visit the bearings in Paris and London German gold holdings. Bundesbank board member Carl-Ludwig Thiele wrote the two deputies, the central banks in Paris and London did not have adequate facilities for visits. Mißfelder, foreign policy spokesman of the CDU parliamentary group had, in February, visited the German gold reserves at the Fed in New York and are attempting to do in London and Paris.
Other related stories:    German Court Demands Bundesbank Audit Sovereign Gold Holdings    FLASH: German gold report reveals secret sales that likely were part of swaps   The gold vaulted by the German central bank, the Bundesbank, with the Bank of England "has fallen 'below 500 tons' due to recent sales and repatriations. ..." So despite the lack of official announcement, Germany lately has been selling gold from London

Another Perspective on Germany's Gold  Reserves:

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