Has Germany Increased Its Gold Reserves For The First Time In 21 Years?

By Mark O’Byrne of GoldCore

Tuesday, November 5, 2019 9:47 AM EDT

Video Length: 00:14:43

Has the German Bundesbank increased Germany’s gold reserves for the first time in 21 years?
The important story of how Bloomberg (and only Bloomberg via the Bloomberg terminal) reported that Germany had added to its gold reserves and that “Germany’s reserves climbed to 108.34m oz in September, the first increase since 1998”.
A screen grab of the original Bloomberg story on October 23rd can be seen in our video.
The Bundesbank gold buying was questioned by Jaspar Crawley, the Director of Institutional Investment at the WGC in a tweet where he noted “that the IMF database – which triggered the story in the first place – has been amended to show no change” but the image he shared on Twitter was illegible.
Bloomberg corrected the original story on the terminal on October 29th and said that the German gold reserves were “unchanged” at 108.25 m oz (see screen grab of the revised Bloomberg story on the terminal in our video).
Did the IMF get the data wrong? Or was the IMF data correct in the first place and the Bloomberg article correct in the first place but due to the significant sensitivities about the story, the IMF decided to revise the German gold data to “unchanged”.
More important is the context that central banks are the largest buyers of gold in the world in 2019 – including China’s PBOC and the central banks of Russia, Hungary and Poland.
The Central Bank of the Netherlands has published a report in which they say that gold is the “perfect piggy bank” and “the anchor of trust for the financial system”.

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