In what sounds like the setup for a stylish Hollywood heist movie, Germany is transferring nearly 700 tons of gold bars worth $36 billion from Paris and New York to its vaults in Frankfurt.
The move is part of an effort by Germany's central bank to bring much of its gold home after keeping big reserves outside the country for safekeeping during the Cold War.
During the Cold War, Germany kept most of its gold abroad for fear it could fall into the hands of the Soviet Union if the country were invaded. Another reason was to have the precious metal close to the foreign currency markets in London, Paris and New York, where gold is traded. (emphasis mine)Read the rest HERE.
"Germany kept most of its gold abroad for fear it could fall into the hands of the Soviet Union"...Hmmmm....And they've chosen to start this during President Obama's term....must be a coincidence...huh?
Maybe they don'y like Obama's Sharing the wealth policies?