This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Germany To Bring Home Gold Stored In US, France


BERLIN (AP) â¿¿ In what sounds like the setup for a stylish Hollywood heist movie, Germany is transferring nearly 700 tons of gold bars worth $36 billion from Paris and New York to its vaults in Frankfurt.

The move is part of an effort by Germany's central bank to bring much of its gold home after keeping big reserves outside the country for safekeeping during the Cold War.

Shipping such a large amount of valuable cargo between countries could be a serious security headache. A gold robbery â¿¿ the subject of such movies as "Die Hard 3" and "The Italian Job" â¿¿ would be embarrassing and expensive for Germany.

The high-stakes, high-security plan is to move the precious metal â¿¿ 374 tons kept in vaults in Paris and 300 tons stored at the New York Federal Reserve Bank â¿¿ to the Bundesbank in Germany's financial center over the next eight years.

For obvious reasons, the central bank won't say whether the estimated 50,000 bars are being moved by air, sea or land or how it intends to keep the shipments safe.

"For security reasons we can't discuss that, partly to protect the gold, partly to protect the staff that will be carrying out the transfer," said Bundesbank spokesman Moritz August Raasch.

"But, of course, since we transport large sums of money around Germany every day, we've got a certain amount of experience with this."

The Bundesbank, which also brought home about 850 tons of gold from London between 1998 and 2001, isn't taking any chances. "Of course the transports are insured," Raasch said.

The cargo unit of Lufthansa, Germany's biggest airline, is standing by, ready to handle the job if the central bank calls, spokesman Michael Goentgens said.

"We have specific containers for such cargo, then teams accompanying the cargo until the plane's loaded and ready to take off, then people waiting where the plane lands," he said.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs