Tag Archives: Precious Metal Abroad – Why Germany Wants To See Its US Gold

Der Spiegel – Sven Böll And Anne Seith – Precious Metal Abroad – Why Germany Wants To See Its US Gold – 31 October 2012

For decades, almost half of Germany’s gold has been stored deep below the Federal Reserve Bank of New York. Now, with the euro crisis swirling, German politicians are asking their central bankers to take stock of the reserves. Some even say that the gold should be shipped home.

Bundesbank President Jens Weidmann wanted to personally convince Peter Gauweiler that the German gold was still where it should be. Early this summer, the head of Germany’s central bank took the obstinate politician from the conservative Christian Social Union (CSU), a party that is a member of the government coalition in Berlin, and a number of his colleagues into the Bundesbank’s inner sanctum: the gold vault. Continue reading