Germany’s central bank has moved £21.8billion (€23.6bn) worth of gold bars back to Frankfurt as the Eurozone continues to falter. The Bundesbank today announced it has shipped the last of the gold it had been storing at France‘s central bank, Banque de France. The lot of 53,780 bars, each weighing 27.5lbs, will now be kept in vaults beneath the bank’s Frankfurt headquarters. Should Germany face an economic emergency, the precious metal can be converted into pounds or dollars.
German officials moved the precious metal to Paris, London and New York during the Cold War over fears it could fall into Soviet hands. The operation had expected to be completed in 2020, but was fast-tracked by three years. The Bundesbank said each of the bars had been “thoroughly and exhaustively” tested on arrival in Frankfurt. A spokesman for the central bank added: “No irregularities came to light with regard to the authenticity.” READ MORE
