Germany Checking Up on its Gold Reserves

German federal auditors have requested the Bundesbank checks Germany's gold reserves, a major part of which has been stored at banks abroad since the Cold War.

Germany's gold bars, stored in the United States, Britain and France "have never been physically checked by the Bundesbank itself, or other independent auditors, regarding their authenticity or weight," reveals a report prepared by the Federal Auditors' Office. Instead, the Bundesbank relies on a "written confirmation by the storage sites."

#Germany #Gold #Banking