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News Link • Gold and Silver

German Gold Stays in New York in Rebuff to Euro Doubters


Surging mistrust of the euro during Europe's debt crisis fed a campaign to bring Germany's entire $141 billion gold reserve home from New York and London. Now, after politics shifted in Chancellor Angela Merkel's coalition, the government has concluded that stashing half its bullion abroad is prudent after all.

"The Americans are taking good care of our gold," Norbert Barthle, the budget spokesman for Merkel's Christian Democratic bloc in parliament, said in an interview. "Objectively, there's absolutely no reason for mistrust."

Ending talk of repatriating the world's second-biggest gold reserves removes a potential irritant in U.S.-German relations. It's also a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can't be impounded to blackmail Germany into keeping the currency union together.

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