Germany takes back its gold from US

Germany takes back its gold from US
27.12.2016

Germany takes back its gold from US. Gold

Germany has second biggest gold reserves in the world, following the US. But most of this gold is kept not in Germany, but in London and New York. As the Bild reported, Germany has returned 200 tons of the precious metal from the Federal Reserve's stores in New York and the French Central Bank for the year of 2016.

Aleksey Vyazovskiy, Vice-President of the Golden Monetary House, told Pravda.Ru why Germany has sped up the process.
Germany has about three tons of gold, more than a half is kept abroad. Some years ago there was a scandal in the Bundestag, when the US Federal Reserve did not let the German delegation audit their gold. Many conspiratorial theories occurred, that there was no gold at all. After this scandal, the German government started pressurizing the Americans, demanding to return their gold.
To have gold in its own territory and its own stores is a financial sovereignty. Germany is a country with limited sovereignty, it has the US bases in its territory, and gold has been kept in the US so far. The German authorities seem to take on the policy on bigger liberty from its oversea partner.

The Federal Reserve is not subjected to the US President. However, Trump is going to appoint a new Chair instead of Janet Yellen, and it's not clear how he would treat the German gold.
As Pravda.Ru reported, process of repatriation of the German gold has been carried out according to the plan of the German Central Bank, details of which were presented in January 2013, it is planned that by 2020 the Bundesbank will keep half of the German gold reserves. Since 2013, total volume of the repatriated gold has made up 157 tons: 67 tons from Paris and 90 tons from New York. By 2020 the German Central Bank plans to turn back 517 tons more of the precious metal: 307 tons are to be repatriated from France, 210 tons are to be returned from the US.

Pravda.Ru

How much gold has been mined?

The best estimates currently available suggest that around 183,600 tonnes of gold have been mined throughout history, of which around two-thirds has been mined since 1950. And since gold is virtually indestructible, this means that almost all of this metal is still around in one form or another. If every single ounce of this gold were placed next to each other, the resulting cube of pure gold would only measure around 21 metres on each side.



Each year, global mining adds approximately 2,500-3,000 tonnes to the overall above-ground stock of gold. While gold production has shown an upward trend in recent years, this is likely to level off in coming years.

Below-ground stocks – gold yet to be mined – are currently estimated to be around 56,000 tonnes by the US Geological Survey. Accurately estimating the amount of gold still within the ground is no easy task, and this estimate may change in response to several factors, such as:

the price of gold
the cost of mining inputs (which effect whether gold deposits are economic to mine)
exploration and new discoveries
prior geological survey coverage and capabilities
Mining companies will estimate how much gold remains at each mining project they operate. These can be split into two categories: reserves (gold that is economic to mine at the prevailing gold price); and resources (gold that will potentially be economic to mine, subject to further investigation or at a difference price level).

What country wears the most gold jewelry?

Nabeel Jellani
Nabeel Jellani, have some keen knowledge about the world


1) China – On top of the list is China with over 320,000 kg mass production of gold and with that maximum number of jewelry products every year. China is, without a doubt, a global powerhouse when it comes to the economy. It is backed with its huge exchange reserve and has been implementing lot of plans to raise the economy higher and higher. Chinese economy is one of the most stable in the world and being the top producer of gold, China definitely has an upper hand.

2) US – With over 224,000 kg production of gold it make America world’s number two on our list. America’s currency is the primary reserve world currency. Reportedly, GDP of the US is over $15 Trillion. That makes one go “cha-ching”. It is the third biggest exporter and the top importer in the world.

3) Australia – Australia is a mass jewelry producer with manufacturing around 222,000 kg of gold. It is the 13th biggest economy and Australia has one of the most expensive land rates. Australia’s jewelry designs are world famous. About 66% of its gold mines are in western Australia.

4) Russia: Russia is also one of the top contenders here with a production of 205,236 kg in a year. It is the 9th biggest economy. Being in the top does not stop Russia to buy more gold from another nation. Its major clients are Far East and Siberia.

5) South Africa: Here comes the big surprise that South Africa in top five on our list. But with its gold production of 197,628 kg, it produces a mass number of jewelry and still is a mixed economy with rate of living. However most of the gold is exported to other countries.

6) Peru: Peru has a gold production on 182,390 kg, which makes Peru officially the 6th largest jewelry producing country.

7) Indonesia: Is on the seventh largest jewelry producing country with over 127,716 kg of gold manufactured within the last year.

Canada: Not far behind is Canada with 97,367 kg of gold with equal jewelry products manufactured last year. It sells most of its production to US and Japan.

9) Ghana: The world’s fastest rising economy Ghana produces 97,197 kg of gold every year. The production of jewelry is not that much but it is still enough pull the rank for the list.

10) Uzbekistan: With over 73,000 kg of gold production is one of the major jewelry producers in the world.