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Germany to check gold reserves stored abroad!

Germany to check gold reserves stored abroad!

Much of Germany's gold reserves are stored abroad, in vaults in the US, Britain and France. No one has actually seen the gold bars for a long time - which has prompted German federal auditors to call for a look.

In times of crisis, gold is considered to be a safe haven. But as the financial crisis has engulfed the European single currency zone, that very haven has shifted into the focus of politicians and Germany's National Audit Office. Questions are being raised as to whether the German Central Bank has in the past actually checked whether its gold stored in the US, France and the UK actually has the weight it is supposed to have. Only about 30 percent of the country's gold reserves are stored within Germany itself.

The National Audit Office – an independent authority that monitors Germany's finances – has on behalf of parliament looked into whether the central bank is properly checking its gold reserves. For months now, the office has been pushing for the central bank to check the reserves in an accurate way rather than just occasionally, or simply relying on confirmation from the other banks that store the German gold..........


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