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Tuesday, October 23, 2012

Germany insists on regular checks on gold held in foreign vaults

The German Federal Court of Auditors have called on for the country’s central bank to carry out a physical inspection of the gold reserves it stores at foreign central banks because the precious metal holdings have never been fully checked.

Germany's Bundesbank owns nearly 3,400 tonnes of gold. Like many central banks, it stores part of its reserves in vaults at foreign central banks, including the Federal Reserve Bank of New York, the Banque de France and the Bank of England.