Germany's Central Bank Fires a Warning Shot at the Fed
January 27, 2013 - 2:44pm
Germany has the second largest Gold reserves in the world behind the US. Since the early ‘80s, it has stored the majority of these reserves with the NY Fed (45% vs. 13% in London, 11% in Paris and the remaining 31% in Frankfurt). With that in mind, everyone needs to be aware that last Monday Germany’s Bundesbank announced it will be moving a major portion of its reserves from the US and all of its reserves from France back to Frankfurt. Nearly half of Germany’s gold reserves are held in a vault at the Federal Reserve Bank of New York — billions of dollars worth of postwar geopolitical history squirreled away for safe keeping below the streets of Lower Manhattan. Now the German central bank wants to make a big withdrawal — 300 tons in all. On Wednesday, the Bundesbank said that it would begin moving some of the reserves, the...
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