Germany wants its gold back: At least half reserves to be repatriated from abroad by 2020

The Bundesbank has announced plans to repatriate some of Germany’s gold reserves from abroad. At least half of the country’s gold would be transferred to Frankfurt by 2020, according to Bundesbank President Jens Weidmann.

Weidmann says 366 tons of gold worth €11.5 billion have been delivered to Frankfurt so far. "There are now about 1,400 tons or 41.5 percent of our gold reserves here," the banker said.

In October last year Germany’s gold reserves stood to around 3,384 tonnes, worth about €120 billion, which is the second largest in the world after the US.

Weidmann added the rest of the gold will remain in New York and London, which he says are as safe as Germany. In case of emergency, these reserves would quickly be converted on the markets in these cities, the banker said .... https://www.rt.com/business