Is Germany making its gold great again?
The German central bank announced on Wednesday that it has completed the transfer of more than 50,000 gold bars worth nearly $28 billion from Paris and New York back to Frankfurt.
Back during the Cold War, the Bundesbank shifted 53,780 gold bars to the Federal Reserve in New York and the Banque de France in Paris. The German leadership feared that their gold would get into the hands of the Soviets. If this did occur, then the gold would be converted into francs and dollars in the event of an emergency.
In 2013, the Bundesbank launched an operation that would repatriate German gold from the United States and France. It was expected to be completed in 2020, but it finished three years ahead of schedule. The gold bars will now reside under the central bank’s headquarters.
Each gold bar weighs 27.8lbs and is worth $519,000.
Smart Germans.