How come countries are moving it around?
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German gold is also held at The Bank of England which stores 13% in London, while the Bank of France in Paris has 11% in total and the remainder is held at the Bundesbank’s headquarters in Frankfurt.
At the time of the initial announcement Bill Gross of Pimco, the world’s largest money manager, summed up the situation perfectly in a tweet, which today appears even more prescient:
@PIMCO Gross: Report claims Germany moving gold from NY/Paris back to Frankfurt. Central banks don’t trust each other?
In November 2011, Venezuela repatriated some 180 tonnes of gold held in vaults in London and elsewhere to store it with the Caracas central bank under orders from late President Hugo Chavez.
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