The cost of the German Gold Reserve, stored in New York, is 113 billion euros.
In Germany, they discussed the possibility of restoring a significant portion of the golden reserve from the storage in New York due to the unpredictable policy of American President Donald Trump. It was announced the day before the telegraph.
“For decades, Berlin has maintained 1,200 tons of his famous gold reserve, the second largest on the planet after the United States reserve, in the deep underground of the US federal reserve system in Manhattan,” the statement said.
Today officials from the Christian Democratic Union (CDU), who should rule the next German government, discuss the possibility of exporting this gold from New York for fear that the United States is no longer reliable partners.
“Of course, this question has stood again,” said Marco Wandevitz, a former German government minister, who refused his place to Bundestag from the CDU this year.
Marcus Ferber, a deputy of the European Parliament from the CDU, said he was also promoting that German officials were allowed to personally inspect the gold bars.
“I am asking for the German Golden Reserve regular inspections. Bundesbank’s official representatives should personally restore the INGOTS and document the results,” he said.
Both politicians spoke with journalists from the publication before Donald Trump introduced major roles in the European Union goods this week, which, perhaps, further strengthened their position.
Germany accumulated gold after World War II due to exports, which caused a major trade. It is converted to gold in the framework of the Bretton-Wood Monetary System.
According to estimates, the cost of the German Gold Reserve, stored in New York, is 113 billion euros – this is about 30% of Germany’s total gold reserves. In the German Frankfurt, approximately half of Germany’s golden reserve is currently stored. Another 13% was stored in London.
Prior to worsening relationships with the Trump administration, gold storage in the United States was considered a practical solution, because in the event of a sudden crisis, gold could be exchanged for the US dollar, which is the most important currency reserve in the world.
Michael Jeger, a representative of the European Association of Taxpayers, said it was better “soon to restore Germany’s entire gold reserve to Frankfurt or at least Europe.”
In Bundesbank, where the publication turned to comment on the possibility of moving gold to Frankfurt, said “No doubt the US Federal Reserve in New York is a reliable and safe partner for storing our gold reserves.”
Remember, on April 2, Trump announced the introduction of major duties to imported goods. He called it America’s “Day of Liberation”. The European Union has received an additional level of 20%.
European Commission leader Ursula Von der Lyain said the EU was preparing steps in response.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.