As widely speculated Germany's Bundesbank has announced a repatriation of all of it Gold Reserves held in Paris by the Banque de France and a draw down on is holdings at the New York Fed.
Press Release:
Frankfurt 16.01.2013
(translated by google)
Original source (in German)
Bundesbank transferred part of its gold reserves
At a press conference on 16 January 2013 asked the Bundesbank before their new concept for supporting the German gold reserves. As of 2020, half of the gold in vaults at home, store the other half with partner banks in New York and London. Following the 70 journalists present had its first opportunity, in an audit of gold bullion to be there.
"The two most important functions of the gold reserves are building confidence at home and may, within the shortest possible time to be able to exchange gold for gold trading centers abroad in foreign currencies," said board member Carl-Ludwig Thiele. The intended future distribution of gold stocks - one half at home, the other half in the major gold trading centers abroad - Wear these features into account. Gradually by 2020 to 300 tons of gold from New York to Frankfurt and Paris from 374 tonnes to be moved to Frankfurt.
The Bundesbank holds gold reserves totaling 3,391 tons, with a market value of 137.51 billion euros at the balance sheet date 31.12.2012. To date, 31% of the gold stored at the headquarters of the Bundesbank in Frankfurt. The remaining 69% are distributed among the places with partner banks in New York (45%), London (13%) and Paris (11%). The bearings approach the Bundesbank has always been based on three objectives: security, liquidity and cost efficiency.Thiele said the Bundesbank encamped therefore the gold only at partner banks with high international reputation and the highest safety standards. "We have no doubt as to the integrity and reliability of our partners." The board member had even late last year visiting foreign places where the gold reserves and by convinced the proper storage of bullion and the high safety standards. "I expected as all so found, as it should be," he assured. Moreover, it was in the past in connection with the custody of gold holdings in partner central banks have never been in any way to irregularities.
Bundesbank transferred part of its gold reserves
At a press conference on 16 January 2013 asked the Bundesbank before their new concept for supporting the German gold reserves. As of 2020, half of the gold in vaults at home, store the other half with partner banks in New York and London. Following the 70 journalists present had its first opportunity, in an audit of gold bullion to be there.
"The two most important functions of the gold reserves are building confidence at home and may, within the shortest possible time to be able to exchange gold for gold trading centers abroad in foreign currencies," said board member Carl-Ludwig Thiele. The intended future distribution of gold stocks - one half at home, the other half in the major gold trading centers abroad - Wear these features into account. Gradually by 2020 to 300 tons of gold from New York to Frankfurt and Paris from 374 tonnes to be moved to Frankfurt.
The Bundesbank holds gold reserves totaling 3,391 tons, with a market value of 137.51 billion euros at the balance sheet date 31.12.2012. To date, 31% of the gold stored at the headquarters of the Bundesbank in Frankfurt. The remaining 69% are distributed among the places with partner banks in New York (45%), London (13%) and Paris (11%). The bearings approach the Bundesbank has always been based on three objectives: security, liquidity and cost efficiency.Thiele said the Bundesbank encamped therefore the gold only at partner banks with high international reputation and the highest safety standards. "We have no doubt as to the integrity and reliability of our partners." The board member had even late last year visiting foreign places where the gold reserves and by convinced the proper storage of bullion and the high safety standards. "I expected as all so found, as it should be," he assured. Moreover, it was in the past in connection with the custody of gold holdings in partner central banks have never been in any way to irregularities.
Future only two bearings abroad
After completion of the relocation in 2020 50% of the gold reserves would be in domestic vaults, 37% at the Federal Reserve Bank in New York and 13% at theBank of England in London, Thiele. The stock at the Banque de France would be dissolved completely. Reason for this decision were the changed since the introduction of the euro framework. By the single currency area a storage of gold for any potential exchange foreign currency in the case of France was no longer necessary. Thiele thanked the Banque de France for many years of safe storage of gold and praised the very good and friendly relations of the two central banks.
Federal Bank Introduces Gold test procedures
Following the press conference, the journalists had the opportunity to meet the mandatory testing for bullion. In three steps, it is the authenticity of the gold ingot checked and determined its individual nature. Because gold bullion - as the experts of the Federal Bank - have not exactly uniform value. Each is unique, even if the first impression conveyed something else. Thus, a gold bar can be traded on the international gold trading centers, it must meet certain standards. Thus the fineness must at least 995/1000 units Feingold and the weight from 10.9 to 13.4 kg are, the standard gold bars is 12.5 kg. Strict requirements on the shape, appearance, and the available data are also included. To check the authenticity of a bar, the experts first determine its exact scale with a special weight - accurate to one thousandth of a gram. In the second stage of the ingot is X-rayed. Here, the exact components of the surface material, and thus the degree of fineness of the bar can be determined.However, since only the surface can be considered to be in the third step - with the aid of ultrasound - homogeneity, that is the same material composition consistently checked. After completing all three tests, the exact nature of the bar are given.
Following the press conference, the journalists had the opportunity to meet the mandatory testing for bullion. In three steps, it is the authenticity of the gold ingot checked and determined its individual nature. Because gold bullion - as the experts of the Federal Bank - have not exactly uniform value. Each is unique, even if the first impression conveyed something else. Thus, a gold bar can be traded on the international gold trading centers, it must meet certain standards. Thus the fineness must at least 995/1000 units Feingold and the weight from 10.9 to 13.4 kg are, the standard gold bars is 12.5 kg. Strict requirements on the shape, appearance, and the available data are also included. To check the authenticity of a bar, the experts first determine its exact scale with a special weight - accurate to one thousandth of a gram. In the second stage of the ingot is X-rayed. Here, the exact components of the surface material, and thus the degree of fineness of the bar can be determined.However, since only the surface can be considered to be in the third step - with the aid of ultrasound - homogeneity, that is the same material composition consistently checked. After completing all three tests, the exact nature of the bar are given.
Bundesbank's current and planned gold storage allocations:
Video of Bundesbank's Gold Vault
 |
| Click on image to access video
Identified bars in the video were manufactured by German refinery Degussa.
For more details on Degussa bullion click here
|
No comments:
Post a Comment