Germany is calling its gold back home to the motherland.
Most of Germany’s gold was originally stored abroad during the Cold War as a precaution against a Soviet Union invasion. Now, German politicians are calling it back.
By 2020, half of the country’s gold will be returned to the the German Central Bank, the Bundesbank. Currently it only keeps a third of it on hand.
The Bundesbank is retrieving all of its gold reserves from Paris. From New York, it will lower its reserves from 45 percent to 37 percent by the end of the decade. Overall, 3,400 tons of gold are expected to return to Germany at a current market value of $200 billion.
“No gold will be moved out of the Bank of England’s vaults, however. It will still keep 13% of its total reserves in London,” BBC reported.
The repatriation of gold was initiated when a Germany’s Federal Auditors criticized the government for not keeping proper track of their gold bars.
“The auditor suggested the central bank should carry out regular inspections of the gold held abroad to verify its book value or change the reserves’ management,” the Associated Press reported, noting that some even held conspiracy theories as to whether the foreign-held gold was real or not.
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