indomie
16-01-13, 15:14
CNBC.com | January 15, 2013 | 11:10 PM EST
The world's second-biggest holder of gold reserves, Germany, is planning to bring home some of its gold held in New York and Paris - a move that would mark a breakdown of trust between the world's major central banks, analysts said.
The Bundesbank, Germany's central bank, will announce on Wednesday the repatriation of some of its gold holdings at the New York Federal Reserve and Bank of France, German business daily Handelsblatt reported on Tuesday.
The Bundesbank confirmed to CNBC's senior economics reporter Steve Liesman that it will move a small part of its gold reserves from the New York Fed, Liesman said on Twitter.
Germany has almost 3,400 tons of gold, the world's second-largest holdings after the United States, valued at almost $177 billion at the end of December, according to the Bundesbank. It moved the bulk of its reserves abroad during the Cold War in case of an attack on West Germany by the Soviet Union.
News that Berlin wants to bring some of that gold back home is causing a stir, with Bill Gross, the managing director at bond giant PIMCO tweeting: "Report claims Germany moving gold from NY/Paris back to Frankfurt. Central banks don't trust each other?"
The world's second-biggest holder of gold reserves, Germany, is planning to bring home some of its gold held in New York and Paris - a move that would mark a breakdown of trust between the world's major central banks, analysts said.
The Bundesbank, Germany's central bank, will announce on Wednesday the repatriation of some of its gold holdings at the New York Federal Reserve and Bank of France, German business daily Handelsblatt reported on Tuesday.
The Bundesbank confirmed to CNBC's senior economics reporter Steve Liesman that it will move a small part of its gold reserves from the New York Fed, Liesman said on Twitter.
Germany has almost 3,400 tons of gold, the world's second-largest holdings after the United States, valued at almost $177 billion at the end of December, according to the Bundesbank. It moved the bulk of its reserves abroad during the Cold War in case of an attack on West Germany by the Soviet Union.
News that Berlin wants to bring some of that gold back home is causing a stir, with Bill Gross, the managing director at bond giant PIMCO tweeting: "Report claims Germany moving gold from NY/Paris back to Frankfurt. Central banks don't trust each other?"