Gold Repatriation From Federal Reserve Would Shatter US Economic Hegemony
SputnikNews.com
16.09.2015
Repatriation of foreign gold reserves from the Federal Reserve would undermine the geopolitical role of the US economy in the world.
As the global economy is being engulfed in crisis, European countries are trying to repatriate their gold reserves from the US Federal Reserve to support their economies.
The largest gold reserve stored by the Fed belongs to Germany, at 674 tons. On the whole, the country holds nearly 3,500 tons of gold. However, both sides were content with the situation: the US received money for storage, and Germany knew its reserves were finely protected.
The first major attempts by foreign countries to return their gold reserves first began in 2012. At the time, Germany made attempts to withdraw its gold, but it was denied by Washington.
The US said it could not provide the required security for audit. Then, Washington said it was impossible to differentiate the US gold bars from German ones.
For European countries, that was a warning signal, as a total of 250 tons of physical gold should have been withdrawn from the Federal Reserve.
Finally, Berlin managed to repatriate 10 percent of its reserves.
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