German Central Bank moves 54K gold bars from Paris to Frankfurt
German Central Bank has revealed that it has moved 374 metric tons of gold worth more than $15 billion out of vaults in Paris back to Frankfurt over a period of five years.
The central bank also revealed that the final batch of 91 metric tons was moved from Paris back to Frankfurt earlier this year.
The Bundesbank declined to provide details on the means of transfer of gold for security reasons. However, it highly praised the success of the secretive operation.
In a newly released statement, it said, “The bars had been thoroughly and exhaustively tested on arrival in Frankfurt and no irregularities came to light with regard to the authenticity.”
The central bank had been storing 674 tons of gold bars at the Federal Reserve Bank (FRB) in New York and Banque de France in Paris. The plan to return the gold bars to Frankfurt started in 2013.
The lot of nearly 54,000 gold bars, each weighing 27.5lbs with market value of nearly $519,000, will now reside in high-security vaults beneath the central bank's headquarters in Frankfurt.
European Commission President Jean-Claude Juncker’s proposal to expand Eurozone by bringing more countries into it has triggered controversy, mainly in Germany, where Chancellor Angela Merkel is seeking re-election.
Wall Street soared to record highs on Friday, thanks to robust trading in telecommunication shares as well as bouncing back of technology shares after a couple of days of declines.
The European Union’s effort to increase tax on turnover of technology multinationals like Google and Amazon gained momentum as nearly one third of EU states are now in support of the plan, French Finance Minister Bruno Le Maire said on Friday.
Stock price of electric vehicle maker Tesla gained more than 3 per cent on Thursday, after the company’s founder and CEO Elon Musk confirmed plans to introduce an electric semi-truck.
Bitcoin suffered its steepest decline since January 2015 on Friday after a senior executive of China’s state-backed internet finance body said the controversial digital currency could pose risks because Bitcoins and other cryptocurrencies could be
Cupertino, California-based Apple Incorporated has quietly increased prices for the 256GB and 512GB models of its iPad Pro by $50, MacRumors reported.