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Tuesday, January 15, 2013

German Central Bank Bringing Gold Back to Country

Germany had moved much of its gold to overseas storage facilities during the years of the cold war in fears the Soviet Union may invade the country and seize all its gold. The central bank of Germany, according to a German newspaper, is beginning to bring the gold back home.

According to the Daily Handelsblatt, the Bundesbank has plans to bring home all of the 450 tons it has stored in the Bank of France in Paris, and an undisclosed portion of the 1,500 tons it has stored in the Federal Reserve in New York.

A growing number of people have openly questioned the amount of gold still on hand in New York, as well as Fort Knox in Kentucky, which the repatriation of only a portion of the 1,500 tons of gold stored in New York for Germany makes one wonder why it isn't all being brought home under the loose money policies of central banks and governments around the world.

Germany will apparently bring about $200 billion in gold back to the country as valued at today's prices.

Overall, Germany has about 3,400 tons of gold in reserve.

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