Bundesbank “Reassures” Re. Gold Bullion Reserves as Deutsche Bank Shocks With €6 Billion Loss Warning

 

The central bank said its gold reserves amount to 3,384 tonnes of gold worth just €107 billion at today’s prices.

The move is the latest by the central bank, which is in the process of trying to move its gold reserves back to Germany after the eurozone sovereign debt crisis broke out in 2012 and led to public concerns and questions about the safety of Germany’s gold reserves.

Deutsche Bank shocks with warning of €6bn losses

The cracks are beginning to show. The chickens from the $72.8 trillion exposure to derivatives are also yet to come home to roost.

 

In a late night announcement that shocked analysts, Germany’s biggest bank blamed huge impairment charges of €5.8bn for the unexpected losses. Forecasts had been for profits of around €1bn.