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China is hoarding the world's gold
(www.newsweek.com)
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this post was submitted on 04 Nov 2023
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Doesn't the US literally have the vast majority of the world's original gold reserves from the bretton woods agreement before Nixon abolished the gold standard?
possession /= property. During Bretton-woods everyone deposited their gold in the US.
The US own around 8.1k tonnes, EU member states 11.7k, Switzerland another 1000.
Germany has the 2nd largest reserves by country (after the US), 3300 tons, and has been bringing gold physically home, completely emptying Paris' vault, moving 500t from New York to Frankfurt, London stayed about stable.
You now might be asking yourself "how the fuck do they transport 500t gold across the Atlantic" and the answer is: Nobody knows. The Bundesbank isn't saying a thing short of that the gold went to Switzerland to be analysed and re-melted. It's not much volume-wise though, about 9m^3^. My best bet is submarine to Germany's north coast, then an inconspicuous train to Switzerland (it's not like German subs can't operate in shallow water but the Rhine, nope).
Could have also used a transport barge, they're apparently the most efficient means of shipping materials over long distances, granted this is primarily over river conditions.