Germany has finished bringing home $31 billion of gold.
In early 2013, the Bundesbank announced a plan to repatriate massive amounts of its physical gold reserves back into Germany. The goal was to have half of its gold back within the country’s borders by 2020.
This week, the central bank announced it moved the final 100 tons from Paris earlier this year. It completed the move three years ahead of schedule.
At nearly 3,400 tons, Germany’s gold reserves currently rank as the second-largest in the world.
According to CNN, the Bundesbank said it used ‘verification measures’ throughout the transfer process to ensure no gold was stolen or compromised.
‘No irregularities came to light with regard to the authenticity, fineness or weight of the bars,’ the central bank said in a written statement.
The Bundesbank said it made the decision to move the gold home ‘to build trust and confidence domestically.’ Pundits say the end of the Cold War also spurred the move. With the fear of a Soviet invasion gone, government officials no longer felt the need to keep its gold dispersed around the world to keep it from falling into Russian hands.
This post was published at Schiffgold on AUGUST 24, 2017.