Update on Bundesbank Gold Repatriation 2015

Source: Bundesbank

 

Deutsche Bundesbank has just released a progress report on its gold bar repatriation programme for 2015 – “Frankfurt becomes Bundesbank’s largest gold storage location“.

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As a reminder, the Bundesbank is engaged in an unusual multi-year repatriation programme to transport 300 tonnes of gold back to Frankfurt from the vaults of the Federal Reserve Bank of New York (FRBNY), and simultaneously to bring back 374 tonnes of gold back to Frankfurt from the vaults of the Banque de France in Paris. This programme began in 2013 and is scheduled to complete by 2020. I use the word ‘unusual’ because the Bundesbank could technically transport all 674 tonnes of this gold back to Frankfurt in a few weeks or less if it really wanted to, so there are undoubtedly some unpublished limitations as to why the German central bank has not yet done so.

China gold holdings jump 57pc, but buying not what it used to be

It’s just a guess, but in the near future you shouldn’t be surprised to see an announcement of a gold-backed Chinese currency. They’ve been increasing the inventory of gold for too long to not do something with it and they would love to put a dent in America’s global hegemon.

 

China’s gold reserves stood at 1658 tonnes at the end of June, the central bank said on Friday, up 57 per cent from the last time it adjusted its reserve figures more than six years ago.

Despite the tonnage increase, gold now accounts for 1.65 per cent of China’s total forex reserves, against 1.8 per cent in June 2009.

The reduced ratio suggests China will increase its bullion purchases, but the market had focused elsewhere, traders said.

China’s central bank may have secretly bought 300t of gold this year

Gold movements by central banks are closely watched by the market. None more so than the People’s Bank of China.China’s gold reserves are officially put at 1,054 tonnes – a number officials haven’t updated since 2009.