Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Germany to bring back gold stored in US, France

Send a link to a friend

[January 16, 2013]  FRANKFURT, Germany (AP) -- Germany's central bank is to bring back home some $36 billion worth of gold stored in the United States and France.

The Bundesbank said in a statement Wednesday that it will repatriate all 374 tons of gold it had stored in Paris by 2020. An additional 300 tons -- equivalent to 8 percent of the Bundesbank's total reserves worth about $183 billion -- will also be shipped from New York to Frankfurt.

Frankfurt will hold half of Germany's 3,400 tons of gold by 2020, with New York retaining 37 percent and London storing 13 percent.

The move follows criticism from Germany's independent Federal Auditors' Office last year bemoaning the central bank's oversight of gold reserves abroad.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor