MTECHTIPS

MTECHTIPS:-Flying back 1536 tons of Gold: Will Bundesbank do it?

Who would take the risk and fly back 1536 tons of gold bars stored in the vaults of New York Federal Reserve to Germany's Bundesbank?Nevertheless some politicians in Germany want the gold bars stacked away in the “fifth subfloor of the (Federal Reserve) bank's building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level to be shipped back home. [According to the bank's website, the vault rests on the bedrock of Manhattan Island.]” says spiegel.de; a coveted German newspaper.The country boasts of second largest central bank gold reserves after US and in times of Soviet attack during the cold war, a majority of the reserves were shipped abroad. Now, 66% of German gold reserves rest with New York Federal Reserve, 21% with Bank of England and 8% with Bank of France, according to The Telegraph.With global economic uncertainty mounting to stratospheric levels, German politicians want the German gold reserves back home.