For the first time in the past 21 years, Bundesbank purchased some precious metal for the country's reserves. As it has been revealed this September, German gold reserves increased to 108.34 million ounces.
In the context of the changing management in the ECB, and a fast decline of the Deutsche Bank, fears of a new financial crisis keep growing. This has caused the financial authorities of Germany to once again look to gold as a protective asset.
It's worth pointing out that September's gold purchase became a notable event in Germany, following the previous event when Bundesbank's brought home 583 tons of the precious metal, worth $31 billion in 2017. The repatriation was executed faster than expected. A relevant aspect worth keeping in mind is that a repatriation of gold reserves was first announced in January 2013. Back then, the plan was to return a total of 674 tons of gold from the US and France.
It should also be noted that Germany isn't the only country that has resumed building up its gold reserves. Many other states, including Russia, are pursuing a policy of de-dollarization. China is also actively buying gold for its reserves - even though a lot of information about the Chinese gold market is withheld so as not to influence the global price. Central banks are preoccupied with a probable upcoming crash of the US dollar. These aspects are therefore causing a “gold fever” among the worldwide central banks.
The events in Germany signify that even there, financial authorities realize what's next for the world economy. This European country has traditionally been quite conservative when it came to gold - however, now we are witnessing a change of direction. This indicates that the era of fiat money, which isn't backed by anything, is gradually coming to an end.
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