Germany's Bundesbank confirmed yesterday that the German gold reserves are held overseas by the Federal Reserve, the Bank of England and the Banque de France.
There has been a lack of clarity and transparency regarding the German gold reserves, as there are with many other nations gold reserves, and this had led politicians and journalists seeking transparency.
The Bundesbank has previously resisted calls for a more transparent accounting of the German gold reserves.
Some Germans are concerned about the risk of contagion in the eurozone and the risk that the single currency could fall apart. They wish to know that the German gold reserves are secure and can be relied upon in the event of a currency crisis.
The Bundesbank said it has complete confidence in valuations and the security of its gold holdings at other central banks and said that "there is no doubt about the integrity and the reputation of these foreign central banks where the gold is held.""
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