High-security operation will move 300 tons of gold from U.S.

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Germany Gold Reserves
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  • CORRECTION Germany Gold Reserves
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Germany Gold Reserves
A bank employee meassures a gold ingot during a press conference at the German central bank in Frankfurt, Germany, Wednesday Jan. 16, 2013. Germany's central bank is to bring back home some US $36 billion ( 27 billion euro) worth of gold stored in the United States and France. The Bundesbank said in a statement Wednesday that it will repatriate all 374 tons of gold it had stored in Paris by 2020. An additional 300 tons - equivalent to 8 percent of the Bundesbank's total reserves worth about US$183 billion _ will also be shipped from New York to Frankfurt. Frankfurt will hold half of Germany's 3,400 tons of gold by 2020, with New York retaining 37 percent and London storing 13 percent. The move follows criticism from Germany's independent Federal Auditors' Office last year bemoaning the central bank's oversight of gold reserves abroad. (AP Photo/dpa/ Frank Rumpenhorst)