22 minutes agoThe Telegraph: Germany draws US gold reserves, unpredictable Trump
Periskopi(a year ago)
(a year ago)Germany is considering the possibility of withdrawing its gold reserves from the US, and as a reason for this move, American President Donald Trump's unpredictable policy cites. For decades, writes The Telegraph, Germany has kept in the U.S. Federal Reserve safes in New York around 1,200 tons of gold or nearly 30% of [...]
Germany is considering the possibility of withdrawing its gold reserves from the US, and as a reason for this move, American President Donald Trump's unpredictable policy cites.
For decades, it writes The Telegraph, Germany has kept at the US Federal Reserve safes in New York around 1,200 tonnes of gold or nearly 30% of its total reserves.
The total value of German reserves today is estimated at around 113 billion euros. Berlin has historically kept stocks out of bounds so that Germany could turn into dollars in the event of a financial crisis.
But senior officials of the Democrat Union, the CDU, which is expected to be a key player in forming the next German government, are increasingly questioning the strategy.
“Of course the issue has been re-opened”, said Marco Wanderwitz, former minister and CDU member, who for years requires regular inspection or return of gold to Germany.
Markus Ferber, a member of the CDU at the European Parliament, agreed: “I am calling for regular controls on Germany's gold reserves. Bundesbank officials must personally count the gold bars and document results”, he said.
Germany has the second largest gold reserves in the world. Most of this gold was collected after World War II through export surpluses under the Bretton Woods system. Nearly 13% of its other gold reserves, Berlin keeps them in London./Periscopi/
