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The bundesbank repatriates its gold reserves

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Is the Bundesbank feeling unease with 2/3 of its gold reserves held abroad? This repratriation is a telling story about Germany's confidence in France and the FED.

Is the Bundesbank feeling unease with 2/3 of its gold reserves held abroad? This repratriation is a telling story about Germany's confidence in France and the FED.

Published in: Economy & Finance
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  • 1. http://marketsandbeyond.blogspot.com/ http://www.pcgwm.com/ The Bundesbank repatriates its gold reservesGermany, the holder of the world’s second largest gold reserve, last week decided torepatriate some of its 3,400 tons of gold not already in its vaults to reach 50% in 2020.What to make about this?The FT continues its anti-gold stance along the lines of the barbaric relic and the WSJ citesthe pressure of populism.One may also point at a sensible move to make sure that real assets are held at home. Ifthis is true, it tells a lot about the confidence of the Bundesbank with some of itscounterparts…A remake, at the central banks level, of banks distrusting each other duringthe financial meltdown which led to a freeze of the interbank market?The most interesting point is that the Banque de France will end up with no German goldand The FED will see its holding decreasing by 30%, for a total consideration of 674 tonsor USD 36 billion at current market price, whilst the BoE will stay at the same level. Thiscould be a barometer of Germany’s assessment of its counterparties quality.Source:Deutsche Bundesbank: Deutsche Bundesbank’s new storage plan for Germany’s goldreserveshttp://www.bundesbank.de/Redaktion/EN/Pressemitteilungen/BBK/2013/2013_01_16_storage_plan_gold_reserve.html 1

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