CDU politician wants to bring German gold home

After fended trial of members of Parliament to take the sample stored at the Banque de France in Paris, the Bundesbank's gold in inspection, ask leading economists and politicians to transfer the German gold to Germany. "It is better if it is kept in Germany," said CDU politician Philipp Missfelder the "world".

Together with his group colleagues Marco Wanderwitz Mißfelder wanted to leave on site, the extensive inventory show. In a letter informed them Bundesbank board member Carl-Ludwig Thiele, not the French central bank possessed suitable spaces for visits. The same applies to the Bank of England in London.

"Response has made us even more suspicious"

"The current response of the Bundesbank has made us even more suspicious. This secrecy is not good," said Mißfelder the "world". In the matter to final rejection dozens of letters between him and the Bundesbank had gone back and forth.

Photo: pa (2)The Bundestag Philipp Missfelder (left) and Marco Wanderwitz

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In New York in February Mißfelder could visit the vaults, the necessary bar list but he was not there to see.Missfelder, the foreign policy spokesman of the CDU parliamentary group in the Bundestag, wanted to do so in London and Paris. Background is highly critical of the practice of storing the German gold reserves abroad.

The CDU politician proposes now to think about a return of the precious metal to Germany. If it is so complicated to take the gold spot in inspection, it appeared to him better to bring the bars in the Federal Republic. Even economists are joining the call.

German gold stored in Paris

Only in September Banque de France chief Christian Noyer had responded to the question, what is with the deposited gold in Paris the Bundesbank: "Please be assured that it is guarded by very good (...) Our customers can the watch, whenever they want. "

When asked by the "world", said the Bundesbank: The Noyers statement refers only to institutions, not to individual members.

Court calls for more control

It was announced on Monday, is now also requires the Federal Court a regular physical check of the German gold reserves stored abroad. He recommends that the federal bank to negotiate with the three foreign deposits right to physical examination of the stocks.

The Bundesbank has controls mounted outside Germany bullion never completely. She bent but now at least partly to the pressure and announced to bring a part of its gold reserves from the U.S. to Germany. Here, the bars are melted down to verify the authenticity and quantity of the precious metal, as a spokesman said. The Federal Court did not, however, be so happy, but described the repatriation from the U.S. Federal Reserve only as "a first step, but not a comprehensive process."

Availability is crucial

"For gold reserves is direct availability is critical," says Folker Hellmeyer, chief economist at Bremer Landesbank. The precious metal was a "last resort" of monetary policy.

Experts estimate that only a fraction of German precious metal reserves are at home. , the Bundesbank itself speaks of that "two thirds" of gold outside the boundaries are. "It has developed historically and is good business sense," said a spokesman for the "world".

Reserves from the time of the Bretton Woods system

The reserves stem from the time of the Bretton Woods system (1944-1971), as countries with current account surpluses in the gold stocks accumulated. This included Germany. "The offshore reserves and store it in large gold trading centers, so that the Bundesbank can access them in an emergency," according to the Bundesbank.

Experts like Hellmeyer have doubts, however, that this argument still stands: "Today gold is no longer as in the Bretton Woods era as compensation for current account balances a storage of venues is not necessarily so.". He believes that the majority of central bank reserves will be saved in ten years in the States and not to the great trade centers of New York, London or Paris.

Resembles the Thorsten Polleit, chief economist at Degussa gold trade. "In an era of fiat money, the storage of foreign trading venues into an economic and political risk." Because the gold was needed when the fiat currencies getting serious credibility problems. But that'll be associated with great economic and probably political turmoil. "You can be on contractual obligation foreign central banks, in which the gold is kept, never left."

Bundesbank hoarding 109 million ounces

The Federal Bank is one of the largest gold holders in the world. The German stronghold is given as 109.2 million ounces. Thus, the reserves have a current market value of around 144 billion euros.That would be enough to deleverage at a stroke all German cities and towns, whose liabilities amount to 133 billion euros.

Only the American Federal Reserve has to 261.5 million ounces over a major gold treasure. One ounce is equal to 31.1 grams

Citizens' Initiative "Holt home our gold!"

Meanwhile, a citizens' initiative has established that asks: " Holt home our gold! ". The first to sign next Hellmeyer include the FDP Federal Bank deputy Frank Schaeffler and former BDI chief Hans-OlafHenkel . According to the company have been more than 10,000 people joined the initiative, including many celebrities from politics, science and business.

"We hope that now is movement in the matter," said Mißfelder. The clear words that the Federal Court has today found, be least a partial success.