Germany brings home $28bn worth of gold reserves earlier than expected

Germany’s central bank has completed its plan to bring back home 54,000 gold bars it had in vaults located in New York and Paris to beneath its Frankfurt headquarters, three years ahead of schedule.

The Bundesbank, one of the world’s top bullion holders, repatriated 674 tonnes from the vaults of the Federal Reserve Bank of New York and Banque de France, the French central bank, over the past four years in one of the biggest operations of its type.

Each of the 53,780 bars weighs 12.5kg and is worth about $5,200 (€440,000). In total, the haul is worth €23.7 billion ($28bn).

 

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