German Auditors Urge Controlling Gold Reserves

October 22, 2012 at 17:55

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Germany’s federal auditors’ office says the country’s central bank should control its gold reserves worth tens of billions of dollars that are stored in the United States, Britain and France.

The auditors said in a report to lawmakers, obtained by The Associated Press on Monday, that Germany’s gold reserves stored abroad “have never been physically checked by the Bundesbank itself or other independent auditors regarding their authenticity or weight.”

Most of Germany’s gold reserves – some 3,400 tons worth an estimated $190 billion at current rates – are stored with the U.S. Federal Reserve, the Bank of France and the Bank of England – a decision made decades ago to secure the stockpile because Germany was bordering what was then the Soviet bloc.