How much of Germany’s gold was repatriated between 2013 and 2017 and what were the logistics?
Executive summary
Between 2013 and 2017 the Deutsche Bundesbank moved roughly 674 tonnes of gold from foreign custody back to Frankfurt — about 300 tonnes from New York and about 374 tonnes from Paris — completing a repatriation plan announced in 2013 three years ahead of its 2020 target [1] [2] [3]. The operation was presented as a transparency and confidence measure and involved systematic verification of bars, a multi-year staged schedule, and an overall cost in the single-digit millions of euros according to Bundesbank statements and press reporting [4] [2] [1].
1. The scale: 674 tonnes brought home, half the reserve now domestic
The Bundesbank’s 2013 storage plan envisaged raising the share of Germany’s gold kept in Frankfurt to 50% by 2020, and the execution resulted in roughly 674 tonnes being repatriated — 300 tonnes from the Federal Reserve Bank of New York and 374 tonnes from the Banque de France — lifting domestic holdings to about 1,710 tonnes or 50.6% of the total by the end of the program [2] [3] [4].
2. The timeline: announced in 2013, finished in 2017 ahead of schedule
The repatriation program was publicly announced in January 2013 and originally set to run through 2020, but Bundesbank briefings and press releases state that the transfers from New York and Paris were completed by 2017 — three years earlier than planned — with the final movements and reporting carried out in 2017 and follow-up documentation published in 2018 [3] [1] [2].
3. The logistics and checks: staged transfers, verification and security
The Bundesbank describes the effort as staged transfers from custodian vaults to Frankfurt accompanied by verification measures: every bar returned was authenticated for weight, fineness and identity during the process, and the bank publicly reported no irregularities after inspection [1] [5] [6]. The Bundesbank also framed the operation as logistical and security work coordinated with foreign partners — moving large quantities by secure transportation and custody chains — and contemporary reporting cites the program’s multi-year schedule and inspection videos released by the bank as part of the transparency drive [1] [6] [2].
4. Cost, instruments and remaining foreign holdings
Public statements and press coverage put the cost of the repatriation in the low millions of euros range — widely reported figures are about €7–7.7 million for the program — and the Bundesbank emphasized the transfers did not reflect an intention to sell but to diversify and increase domestic holdings for confidence and operational reasons [4] [2] [1]. After the 2017 completion roughly 1,236 tonnes remained in New York and about 432 tonnes in London, leaving only three custody locations (Frankfurt, New York, London) for Germany’s 3,378 tonnes total as reported by the Bundesbank and contemporary press [4] [3].
5. Contested narratives and alternative explanations
The repatriation was driven publicly by the desire for greater transparency and domestic confidence, but it also responded to political pressure and public campaigns that questioned whether foreign-held bars might have been leased or otherwise encumbered — suspicions highlighted in German media and by critics who argued for audits or expressed mistrust of foreign custodians [4] [7]. Market and specialist commentary offered competing takes: some called the program a routine sovereign-asset management decision completed efficiently [3] [1], while others suggested the slow pace initially planned reflected complex custody arrangements and the need to unwind financial contracts tied to bullion [8] [7].