Spain faces dilemma of what to do with its gold deposited at the US Federal Reserve - english.elpais.com
Spain faces dilemma of what to do with its gold deposited at the US Federal Reserve - english.elpais.com
Source: english.elpais.com
―
DW NOTE
Spain holds 281 tonnes of gold at the New York Fed — roughly half its official reserves — and now wonders whether Washington will let it leave. The question is not academic: Venezuela asked for its gold back in 2011 and spent seven years in arbitration to retrieve 160 tonnes, while Germany repatriated 674 tonnes between 2013 and 2017 but was refused vault inspections and received bars with serial numbers that did not match the original deposit list. When your central bank keeps someone else's central bank as its custodian, you are making a political bet dressed up as a storage decision.