German central bank, known as the Deutsche Bundesbank, has already delivered gold valued at approximately 11.5 billion euros to Frankfurt and is planning to bring back 50% of the country’s gold reserves until 2020 according to Sputnik News.
President of the Bundesbank Jens Weidmann made remarks today, that Germany accelerated the withdrawal of Germany’s gold reserves from overseas.
The central banker noted the following:
There are now about 1,400 tons or 41.5% of our gold reserves here. We comply with the schedule,
The rest of precious metal will remain stored in New York and London.
Gold should be considered as an additional reserve currency for Germany. The German gold reserve amounts to approx. 3,400 tons and is the second largest in the world after that of the U.S.
Peter Krauth wrote in 2013 for Money Morning:
“There are suggestions Germany wants its gold because it’s worried its loans to less fiscally responsible sovereigns won’t be repaid. But I believe Germany is preparing in case the euro were to eventually dissolve, so it wants its gold to potentially back a new Deutsche Mark. Perhaps they, too, recognize gold’s return to its role as money.”