After spending more than 50 years in foreign hands, Germany’s gold is finally going home.
In a recent watershed decision the Bundesbank, Germany’s central bank, has decided at least half of its gold should be held in its own vaults.
Since the Bundesbank is the second-largest gold holder in the world, that’s going to mean moving 54,000 bars of the shiny metal.
So why does Germany want its gold back, and why now?
Part of it has to do with pressure from a grassroots group led by a group of economists, business executives, and lawyers, along with the German Precious Metals Association, who have put together a “Repatriate our Gold!” campaign.
But that’s only part of the story…
Official pressure began last October when the German Federal Court of Auditors requested an inspection of the gold Germany stores in foreign central banks.
That sparked something of a political controversy since these gold reserves have never been thoroughly inspected and audited.
What’s more, the U.S. Federal Reserve had already refused to allow the Germans to verify their gold despite several attempts.
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