What happened to gold in Germany?

What happened to gold in Germany?

Germany ranks second on the list of official gold owners in the world after the United States. But where are Germany’s gold reserves really kept? According to official figures, most of Germany s gold reserves are in New York, some in England and some in Germany. According to gold market experts, “there is no doubt that most of Germany’s gold reserves are stored in the United States, not at Fort Knox, but in the vault of the Federal Reserve Bank of New York, which is about Manhattan “.

According to data from the 90s, it is in the vaults of the Federal Reserve Bank of New York where is the largest gold reserve in the world, consisting of gold bars of 60 allied countries of the United States, which gave their gold to America. for their custody. For more than 50 years, there has been no independent audit of these reserves in the United States. Theoretically it is possible that there are no more gold bars in the vaults.

On the issue of German gold, a 1967 letter from the former chairman of the German central bank, the Bundesbank, Karl Blessing, who held this post from 1958 to 1970 is often quoted. scanned copy of this letter. Under an agreement between Germany and the United States, Germany agreed not to exchange dollars for gold, although the Bretton Woods Gold Standard was still in effect at the time. The refusal to convert the paper dollar into gold was supposedly a guarantee of the presence of American troops in the FRG, which defended the FRG from a possible attack by the USSR.

But French President de Gaulle was not afraid in 1965 to use the right of the Gold Standard to change the paper currency for gold at any time and sent a warship laden with dollars off the coast of America. The Americans could not deny it and exchanged dollars for gold bars, thus creating a dangerous precedent for themselves. In the spring of 1968 student riots broke out in Paris, as a result of which de Gaulle resigned.

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