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France pulls all gold out of US Federal Reserve (www.newsweek.com)

submitted 3 months ago by cm0002@lemy.lol to c/world@quokk.au

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[–] jello@programming.dev 6 points 3 months ago* (last edited 3 months ago)

By consolidating its reserves in Paris and upgrading to modern-standard bars, France has made its gold safer to manage and easier to sell or trade internationally. The sale also demonstrates how central banks can capitalize on favorable market conditions and generate substantial profits

Rather than refining and transporting the old stock, the bank purchased an equivalent amount of new, compliant gold in Europe, which now sits in Paris alongside the rest of France’s reserves.

The overall size of France’s gold reserve, around 2,437 tons, remains the same.