Photo Gallery Gold Rush
The Federal Reserve Bank of New York holds 1,536 metric tons of German gold, nearly half of Berlin's reserves. This enormous hoard of gold is stored in the fifth subfloor of the bank's building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level.
Bundesbank President Jens Weidmann reassures German politicians that the gold is where it should be. At the moment Weidmann is also embroiled in the euro crisis and is desperately fighting the decision by the European Central Bank (ECB) to buy unlimited quantities of sovereign bonds from crisis-ridden countries.
Peter Gauweiler, of the conservative Bavarian party Christian Social Union, has been pestering the government and the Bundesbank with questions concerning where and how the country's reserves are stored, and how often they are checked. He has submitted requests and commissioned reports on the topic.
Karl Blessing was the head of the German Bundesbank from 1958 to 1969. He gave a written promise to the US Federal Reserve that he would no longer convert colossal German dollar reserves to gold because this would have caused the currency's value to plummet.
Like other countries Germany stores its gold in various central banks around the world.
