Germany's central bank is to bring back almost 700 tonnes of gold reserves it keeps in New York and Paris. By 2020, half of its gold bars will be in its vaults, the Bundesbank said. ... It will reduce the amount it holds in New York from 45% to 37% by the end of the decade.
This means a 17.8% reduction in their NY FED holdings.
By 2020. The original article had it sounding like they wanted it all out by the end of the week. This is slow enough to put everyone back to sleep about it.
No gold will be moved out of the Bank of England's vaults, however. It will still keep 13% of its total reserves in London, the German central bank said.
Interesting to note. Does this mean they have no problem with the stability of the Pound, or...?
Okay, so I did the math myself, using the percentages and the 3,396 ton total amount mentioned.
German gold, 2013:
3396 tons total.
45% is held in New York (1528.2 tons)
31% in Frankfurt (1052.76 tons)
13% in London (441.48 tons)
11% in Paris (373.56 tons)
German gold, 2020:
assuming their reserve stays at 3396 tons total...
50% Frankfurt (1698 tons)
37% New York (1256.52 tons)
13% London (441.48 tons)
0% Paris
Or... 271.68 tons removed from NY over a 7-year span.