France sold gold reserves in the US to buy their equivalent in Europe
In a process that began in July 2015 and concluded in January of this year, the Bank of France sold the gold it held in the US Federal Reserve and bought its equivalent in Europe, realizing a profit of €12.8 billion
France sold 129 tons of gold it held in the US Federal Reserve to buy new bars in Europe, realizing a profit of €12.8 billion.
The process began in July 2015 and concluded in January of this year. “Instead of refining and transporting the old gold from the United States, the institution decided to sell it and acquire new ingots that meet current international standards in the European market.”
Now, all gold reserves are located in Paris. The country currently holds some 2,437 tons of the precious metal, “considered the fourth largest in the world.” Of this total, “134 tons correspond to old ingots and coins that the Bank of France plans to modernize to meet current standards by 2028.”
The United States leads the ranking of gold reserves, with approximately 8,133 tons. Germany is in second place, with around 3,360 tons of gold, and Italy is in third place, with reserves of 2,452 tons.
M.Pino
Source: actualidad.rt
(Reference image source: Andrej Sachov on Unsplash)
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