Where is gold? The conservatives of Germanys ring the alarm on reserves in the United States – Politico

Official representatives of the Bundesbank must personally count the bars and document their results, said Bild.

In the past, the idea that gold stored in official chests may not be safe has generally been the reserve of cranks and conspiracy theorists. However, it was relaunched, ironically, by none other than the billionaire and the Grise Minern of the Trump administration, Elon Musk, who called for an inspection of clean gold reserves.

You are not talking about Bullion Club

For the Deutsche Bundesbank, which is responsible for the safe management of the most precious financial asset of the Germanys, the first rule of the Lingots club is that you are not talking about Bullion Club, and you certainly do not launch spray on other members.

We have a trustworthy and reliable partner in the Fed in New York for the storage of our Holdings Gold, said the president of Bundesbank, Joachim Nagel, during a February press conference, a comment to which the bank directed politico on Friday. It doesn't keep me awake at night. I have total confidence in our colleagues from the American Central Bank.

We have a trustworthy and reliable partner in the Fed in New York for the storage of our Holdings Gold, said president of Bundesbank Joachim Nagel | Kirill Kudryavtsev / AFP via Getty Images

However, his decade barely since the Bundesbank was shaken in a similar action, when the more immediate public concern was that the Germans accumulate wealth would be wastey while removing the rest of the euro zone.

In 2013, a noisy campaign motivated by right -wing populists who resonated enough with the wider population to embarrass the Chancellor of the time, Angela Merkel, led the Bundesbank to repair all the gold he had previously stored in the cellars of Bank of Frances. At the time, the Bundesbank argued that it no longer needed a means of access to foreign currencies in Paris, now that Germany and France shared the euro.

Today, more than half of the BundesBanks reserves are stored in its premises in Frankfurt. Outside the United States, the remaining 13% is held at the Bank of England.

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