The Bundesbank is planning to shift 374 tons kept in vaults in Paris and 300 tons stored at the New York Federal Reserve Bank to Frankfurt over the next eight years.
BERLIN(BullionStreet): The Value of gold Germany wants to shift from New York and Paris is estimated at $36 billion, reports said.
Shipping such a large amount of valuable cargo between countries could be a serious security headache, analysts said.
The security cost of the transhipment of 674 tons of gold is not included, they added.
The move is part of an effort by Germany's central bank to bring much of its gold home after keeping big reserves outside the country for safekeeping during the Cold War. ...