Germany’s central bank just shifted 50,000 gold bars held overseas due to Cold War fears

The lot of 53,780 bars, each weighing 27.5lbs and worth $519,000, will now reside in vaults beneath the bank's headquarters.

When contacted by CNBC the Bundesbank would not provide any details on the means of transfer for security reasons.

However, the central bank praised the success of the operation.

It said each of the bars had been "thoroughly and exhaustively" tested on arrival in Frankfurt and "no irregularities came to light with regard to the authenticity."

Germany is one of the biggest gold holders in the world. Following the transfers, just over 50 percent of its reserves are stored in Frankfurt. The remainder is split between the U.S. and Britain, with 36.6 percent at the Federal Reserve and 12.8 percent at the Bank of England in London. Should Germany face an economic emergency, the gold can be converted into pounds or dollars.

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