Germany reclaims $36B in gold from U.S., France

This is a follow-up to my post yesterday. I think they may see the writing on the wall, and they want their gold under their control . . ~J

Gold ingots stored at Geremany's Central Bank in Frankfurt.

Deutsche Bundesbank, AP

Gold ingots stored at Geremany’s Central Bank in Frankfurt.

by Frank Jordans, AP

Published: 01/17/2013 08:26am

BERLIN (AP) — In what sounds like the setup for a stylish Hollywood heist movie, Germany is transferring nearly 700 tons of gold bars worth $36 billion from Paris and New York to its vaults in Frankfurt.

The move is part of an effort by Germany’s central bank to bring much of its gold home after keeping big reserves outside the country for safekeeping during the Cold War.

Shipping such a large amount of valuable cargo between countries could be a serious security headache. A gold robbery — the subject of such movies as Die Hard 3 and The Italian Job — would be embarrassing and expensive for Germany.

The high-stakes, high-security plan is to move the precious metal — 374 tons kept in vaults in Paris and 300 tons stored at the New York Federal Reserve Bank — to the Bundesbank in Germany’s financial center over the next eight years.

For obvious reasons, the central bank won’t say whether the estimated 50,000 bars are being moved by air, sea or land or how it intends to keep the shipments safe.

“For security reasons we can’t discuss that, partly to protect the gold, partly to protect the staff that will be carrying out the transfer,” said Bundesbank spokesman Moritz August Raasch.

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