Who Knew? German Central Bank Has Been Selling Gold For More Than A Decade
Authored by Louis Cammarosano via Smaulgld.com,
Deutsche Bundesbank gold reserves shrink 45 tons over the past ten years.
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Federal Bank of Germany
Bundesbank Prepares For Record Losses Once ECB Starts Hiking Rates
Germany's central bank reported its smallest profit in more than a decade in 2016 after setting aside a record amount of provisions against future losses on the bonds it is buying as part of the ECB's stimulus program, its annual report showed on Thursday. "It is fair to ask ... when we can take our foot off the monetary policy pedal," Bundesbank President Jens Weidmann said while presenting the report.
Bundesbank Repatriates Gold From New York, Paris "Faster Than Planned"
In January of 2016, the Bundesbank announced that three years after commencing the transfer of some of its offshore-held gold from vaults located at the Banque de France in Paris and the NY Fed in New York, it had repatriated a total of 366.3 tonnes, bringing the German central bank's gold reserves held in Frankfurt to 1,402 tonnes, or 41.5% of Germany's total gold of 3,381 tonnes, for the first time greater than the 1.347 thousand tonnes located at the New York Fed, which as of January 27, 2016 held 39.9% of Germany's official gold.