Report from Stuart Varney, perhaps the last person to have seen the Fed's foreign gold vaults. [sarc]
Don't skip the last 5 seconds.
Here are the details:
The German central bank is planning a “phased relocation” of 300 tonnes (metric tons) of gold from New York to Frankfurt as well as an additional 374 tonnes from Paris to Frankfurt by 2020. The reserves should end up looking like this:
- Frankfurt (31%, currently) 50% by Dec. 31, 2020
- New York (45%, currently) 37% by Dec. 31, 2020
- London 13% no change
- Paris (11%, currently) 0% by Dec. 31, 2020