Is the world’s second largest gold reserve safe with the US? Missing gold bar numbers and an inability to audit the 45% of Germany gold reserve kept in the US Federal Reserve lead to the question if it’s still there.
No ‘gold rush’: Germany keeps reserves in the US
Germany’s plan to bring back the nation’s gold reserves to Frankfurt by 2020 has fizzled, and instead has for now decided to leave $635 billion of gold in US vaults.
Home to the world’s second largest gold reserves, worth $141 billion, Germany only keeps about one third of its gold ‘at home’, the rest is abroad. 45 percent is in the US Federal Reserve in New York, 13 percent in London, 11 percent in Paris, and only 31 percent in the Bundesbank in Frankfurt.
“The Americans are taking good care of our gold, we have no reasons for mistrust,” Nobert Barthle, the German Parliament Budget spokesman, told RT.
Critics of the slow progress disagree.
“While we haven’t been allowed to inspect escapes me, I’m no conspiracy theorist, but the Bundesbank should be able to audit the gold once a year like it does with reserves in Frankfurt,” Hans Olaf Henkel, German member of the European Parliament, told RT.
In the end of June for the first time a Germany delegation traveled to New York to check up on their gold holdings, the first in the last 10 years. The lack of inspection has led some to question whether it’s still there.