Germany Looking to Audit, Repatriate Gold Bullion in NY Fed

FEDERAL auditors in Germany have said that the Bundesbank should regularly inspect its reserves of Gold Bullion held at the central banks of the US, UK and France.

Bundesbank board members Carl-Ludwig Thiele has written to the president of the German Federal Court of Auditors to say that the central bank is discussing inspection rights, newswire Reuters reports, but added that this is not with a view to carrying out the type of Gold Bullion checks requested.

German newspaper Der Spiegel meantime reports that the Bundesbank has said it wants to ship 50 tonnes of Gold Bullion a year from the New York Fed back to Germany for inspection, which according to some press reports would include melting and recasting the bars.

"The last audits from New York were from 1979/1980," says analysis website Euro Intelligence.

"The Bundesbank has since been let into the vault, but not allowed to open the boxes in which the bars are stored, something that has obviously stokes suspicions."

The move follows reports back in March criticizing the Bundesbank's management of German gold reserves. 

Last year, Venezuela repatriated the bulk of its foreign-held reserves of Gold Bullion.

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