German Central Bank moves 24 billion euros of gold back to Frankfurt

The German Central Bank (Bundesbank)
The German Central Bank (Bundesbank)

The German Central Bank (Bundesbank) has completed a transfer of gold worth 24 billion euros (28.3 billion U.S. dollars) from New York and Paris to Frankfurt, the monetary institution announced on Wednesday.

“This closes out the entire gold storage plan around three years ahead of the scheduled time,” Bundesbank Executive Board member Carl-Ludwig Thiele said in a statement.

The Bundesbank had already declared its intention in 2013 to store 50.6 percent of its gold in Germany by 2020.

Around 674 tons in total, or 54,000 gold bars were shifted from vaults in New York and Paris to Frankfurt in multiple stages.

Central bank employees had “thoroughly and exhaustively” tested all bars upon arrival in Germany and noted that “no irregularities came to light with regard to the authenticity, fineness or weight of the bars,” the announcement reads.

With 3,378 tons in total, the Bundesbank holds the second largest gold reserve in the world after the U.S.