The transfer of 674 metric tons of bullion to Germany will be completed by the end of 2017, three years ahead of schedule, according to Bloomberg.
https://www.bloomberg.com/news/articles ... ob-in-2017
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Germany Completed Gold Repatriation From U.S. in 2016
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- Lemon Slice
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Re: Germany Completed Gold Repatriation From U.S. in 2016
CommissarJones wrote:The transfer of 674 metric tons of bullion to Germany will be completed by the end of 2017, three years ahead of schedule, according to Bloomberg.
https://www.bloomberg.com/news/articles ... ob-in-2017
I wonder how they actually transport it. The security risks must be immense - maybe a good subject for the next Bond film!
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Re: Germany Completed Gold Repatriation From U.S. in 2016
Clitheroekid wrote:I wonder how they actually transport it. The security risks must be immense - maybe a good subject for the next Bond film!
Could have been netted out, rather in the way that Hawala works.
So for instance in the US the gold could have moved from Fort Knox, KY to the UBS depository in New York. And then UBS move an equivalent amount of gold from their Zurich depository under BahnhofStrasse to Germany.
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Re: Germany Completed Gold Repatriation From U.S. in 2016
Lootman wrote:Could have been netted out, rather in the way that Hawala works.
So for instance in the US the gold could have moved from Fort Knox, KY to the UBS depository in New York. And then UBS move an equivalent amount of gold from their Zurich depository under BahnhofStrasse to Germany.
That's what I'd assumed, but from the actual wording of the article it seems fairly clear that there was a physical transfer:
"Germany’s Bundesbank is set to unite half of the country’s gold reserves in its Frankfurt vaults by the end of 2017 -- three years ahead of schedule.
The central bank transferred 216 tons of the precious metal to Frankfurt in 2016, including 111 tons from New York and 105 tons from Paris, the institution said on Thursday."
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Re: Germany Completed Gold Repatriation From U.S. in 2016
The Bundesbank said this week it completed a further repatriation of gold reserves stored abroad, moving about 91 metric tons of bullion to Frankfurt from Paris.
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Re: Germany Completed Gold Repatriation From U.S. in 2016
Clitheroekid wrote:I wonder how they actually transport it. The security risks must be immense - maybe a good subject for the next Bond film!
As it turns out, the answer is that the Bundesbank won't say how they actually transport it, so we'll all just have to wonder. From an article by Carl-Ludwig Thiele, a member of the Bundesbank's executive board, in the December edition of the World Gold Council's Gold Investor:
Carl-Ludwig Thiele wrote:There is one question that we cannot answer, even though it has been asked time and again: what routes and means of transport were used for the gold transfers? In this matter, as in cash transport, the security of staff and assets always takes precedence over the need for information and transparency. For this reason, the Bundesbank has consistently refused to answer any such questions, and will continue to do so in the future.
https://www.gold.org/research/gold-inve ... ansparency
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