We Had Nothing But The Best Of Experiences

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Why doesn the Bundesbank bring the gold back to Germany?
The Deutsche Bundesbank keeps part of its gold holdings in its own vaults in Ger-many, while other stocks of gold are stored at the central banks loSBMed in major gold trading centres. Specifically, these are
Deutsche Bundesbank, Frankfurt am Main: 1,036 tonnes (= 31%)
The reasons for storing gold reserves with foreign partner central banks are historical since, at the time, gold at these trading centres was transferred to the Bundesbank. To be more specific: in October 1951 the Bank deutscher L鐩瞡der, the Bundesbank predecessor, purchased its first gold for DM 2.5 million; that was 529 kilograms at the time. By 1956, the gold reserves had risen to DM 6.2 billion, or 1,328 tonnes; upon its foundation in 1957, the Bundesbank took over these reserves. No further gold was added until the 1970s. During that entire period, we had nothing but the best of experiences with our partners in New York, London and Paris. There was never any doubt about the security of Germany gold. In future, we wish to continue to keep gold at international gold trading centres so that, when push comes to shove, we can have it available as a reserve asset as soon as possible. Gold stored in your home safe is not immediately available as collateral in case you need foreign currency. Take, for instance, the key role that the US dollar plays as a reserve currency in the global financial system. The gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity. Similar pound sterling liquidity could be obtained by pledging the gold that is held with the Bank of England.
Thiele said the reasons for overseas storage are and the arrangement has served the bank well.
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During that entire period, we had nothing but the best of experiences with our partners in New York, London and Paris. There was never any doubt about the security of Germany gold.
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How much German gold is stored in the United States, how much in Frankfurt and how much in Great Britain?
Banque de France, Paris: 374 tonnes (= 11%)
Federal Reserve Bank of New York (Fed): 1,536 tonnes (= 45%)
Bank of England, London: 450 tonnes (= 13%)
saidCarl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank.
At the beginning of the last decade, we brought 930 tonnes of gold to Frankfurt from London and subjected it to a painstaking inspection. Part of the gold was melted down in order to create new bars which conform with the 閳ユ窌ood Delivery Standardwhich is customary nowadays in gold trading. Of the 930 tonnes of gold, not one gram was missing. We do not have the slightest doubt that our holdings in New York and Paris are also made up of the purest fine gold. We have at our disposal fully documented lists of the bars, and our partner central banks send us every year confirmation not only of the bar*istence but also of their quality. We receive confirmation of our gold reserves, measured in troy ounces. The Bundesbank has been drawing up its accounts on this basis since it came into existence. All external auditors have confirmed our accounting practices outright since then.
What makes the Bundesbank so certain that German gold holdings are being stored securely abroad even though, according to the German Federal Court of Auditors, these reserves have never been 閳ユ笡hysically inventoried and checked for authenticity and weightby the Bundesbank itself or by independ-ent auditors?
Analysts have questioned whether the gold is even there.
Questions posed by DPA to Carl-Ludwig Thiele, Member of the Executive Board of Sand Making Machine Machine the Deutsche Bundesbank
Germanyt allowed to where its stored閳ユ敂eleased about the reason it is keeping its bullion in New York, London and Paris and why it hopes to carry on with the arrangement.