Bundesbank gold location kept secret

Bundesbank gold location kept secret

As pressure grows for Germany to tap its gold reserves amid the European sovereign debt crisis, the Bundesbank is refusing to end its silence on where its more than 3,000 tonnes of the precious metal is stored.

Economics Minister Philipp Rösler firmly ruled out digging into the country's reserves to help rescue the euro.

"German gold reserves must remain untouchable. I say this explicitly as Economics Minister, as representative of the Chancellor and as party chairman of the Free Democrats," he said on Monday on ARD television.

On Tuesday, the daily Financial Times Deutschland examined the speculation on where Germany’s horde of gold is being kept. The country's estimated 3,401 tonnes is the second largest national reserves after that of the United States.

Much of Germany’s gold would appear to be still in America, where it was held during the Cold War to ensure it never would fall prey to invading Soviet forces.

Enjoy the comments.

WP