The Bundesbank, Germany’s central bank, is bringing a large part of its gold reserves back to Germany. Those reserves are the world’s second biggest – 3,396 tonnes, worth £115 billion. It is calling back all 374 tonnes of its Paris holdings and 300 tonnes from New York, a total of £22 billion.
One analyst said that it was the beginning of the end of the dollar as a reserve currency. But given the withdrawal from France, it was not exactly a statement of faith in the euro either. ■