Germany'S Accelerated Withdrawal Of Overseas Gold Reserves Is A Rainy Day.

The German central bank said that the German central bank is accelerating the withdrawal of its overseas gold reserves. The planned pfer plan, scheduled for completion in 2020, is expected to be completed three years ahead of schedule, and will be completed by the end of this year.

Although Germany is the core of the euro zone, Germany's confidence in the euro declined after years of economic depression in the euro area, so it accelerated the process of withdrawing foreign gold reserves for a rainy day.

Germany has the second largest official in the world.

Germany currently has a total of 3378 tonnes of gold reserves, valued at 120 billion euros, accounting for 4% of GDP in the country.

A large number of gold reserves have also become the embodiment of Germany's economic prosperity, ensuring the stability of the German economy.

But influenced by historical reasons during the cold war period, Germany's gold reserves are mostly stored overseas.

However, at present, after many black swans, such as the failure of the British referendum in Europe and the constitutional reform of Italy, the potential crisis is constantly increasing, and the German government has become increasingly uneasy about overseas gold.

Some believe that if the eurozone collapses, this gold reserve will provide protection for the resumption of the issuance of Mark, Germany.

Cramer, chief economist of Commerzbank, said that although gold reserves were actually unnecessary from an economic and scientific point of view, Joerg Kraemer said.

However, the confidence of the people and the market is very important, and gold is considered to be the key to anchoring confidence.

So gold reserves are still important.

Germany has now pported 583 tonnes of gold from New York and Paris to Frankfurt.

The German government plans to pport half of its overseas gold reserves back to Frankfurt by the end of 2017, which will be three years ahead of the planned 2020.

The remaining half of the gold reserves will be stored in the Fed and the Bank of England.

The Bundesbank does not intend to do everything.

Return home.

On the one hand, London is still the key gold trading market and safe storage place. It is more economical to store gold bars in foreign countries than in its own country. On the other hand, the cost of pferring gold has reached 6 million 900 thousand euros, and the cost of subsequent construction of treasury and guard will be higher.

Transferring gold is not easy. After all, gold is heavy and the risk of theft is also in the process of pfer.

CArl-Ludwig Thiele, a member of the German central bank executive council, said: "we have discussed Trump, President of the United States, about his influence on monetary policy and macro economy, but we trust the Fed." (Tiller)

The Trump factor does not affect our gold reserve plan in New York.

And Britain has no influence on its plan, even if Britain is off Europe, London is still the key gold trading market and safe storage area.

During the cold war, 98% of German gold reserves were overseas to prevent Soviet invasion.

In 2000, Germany shipped the largest portion of its reserves from the Bank of England, that is, 931 metric tons of gold.

Since 2013,

The central bank began to pport 300 tonnes of gold and 374 tonnes of gold from the US New York and Paris, respectively, and planned to complete the pfer in 2020.

In 2016, the Bundesbank returned 216 tonnes of gold, including 111 tonnes from New York and 105 tonnes from Paris.

German Central Bank members said that the central bank will complete the pfer target of gold reserves as planned this year.

This means that after the German central bank completed the withdrawal of its overseas reserve plan in 2017, Paris will no longer have German gold reserves. Meanwhile, Germany's gold reserve in New York will be 1236 tonnes, and its reserves in London will be 432 metric tons, with the rest in Frankfurt.

Analysts believe that Germany's dissatisfaction and concern about the euro zone is the key to its commitment to increase its offshore gold reserves to prepare for a rainy day, and Germany's worries and doubts about the euro's outlook are mainly based on the following three reasons.

First, recently, Italy's five star Movement Party and French presidential candidate Bon have expressed their desire to withdraw from the euro area and declare that they will hold a referendum on the referendum, and public confidence in the euro continues to decline.

Secondly, critics point out that the rigidity of monetary policy in the euro zone has forced Germany to have a high unemployment rate, low wage level and weak competitiveness, which will eventually lead to economic fragmentation.

Third, the Germans, on the one hand, should try to repay the debt owed in the period of the crisis, on the one hand, to support other disadvantaged economies in Europe, which has also become the source of the discontent of the Germans.

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