Germany is facing growing calls to repatriate its gold reserves stored in the United States, as concerns mount over the unpredictability of Donald Trump and shifting transatlantic relations. Germany holds the world's second-largest national gold reserves, with approximately €164bn (£142bn) worth—1,236 tonnes—stored in New York.
Emanuel Mönch, a leading economist and former head of research at Germany's federal bank, the Bundesbank, described storing so much gold in the US as 'risky' under the current administration. 'Given the current geopolitical situation, it seems risky to store so much gold in the US,' he told Handelsblatt. 'In the interest of greater strategic independence from the US, the Bundesbank would therefore be well advised to consider repatriating the gold.'
Michael Jäger, head of the European Taxpayers Association, echoed the sentiment, arguing that Trump's unpredictability and his stated desire to seize Greenland should concentrate minds. 'Trump is unpredictable and he does everything to generate revenue. That's why our gold is no longer safe in the Fed's vaults,' he told the Rheinische Post. 'The risk is increasing that the German Bundesbank will no longer be able to access its gold. Therefore, it should repatriate its reserves.'
The issue has moved from the far-right Alternative für Deutschland (AfD) into mainstream discourse. Katharina Beck, finance spokesperson for the opposition Greens, called the gold an 'important anchor of stability and trust' that 'must not become pawns in geopolitical disputes'. However, Clemens Fuest, president of the Institute for Economic Research (Ifo), warned against such a move, saying it would 'only pour oil on the fire of the current situation'.
Currently, just over half of Germany's gold is held at the Bundesbank in Frankfurt, 37% in New York, and 12% at the Bank of England in London. The Bundesbank says it regularly audits its stored supplies. Joachim Nagel, Bundesbank president, assured last October there was 'no cause for concern' over gold held at the US Federal Reserve.
Stefan Kornelius, spokesperson for Friedrich Merz's coalition government, said withdrawal was not currently under consideration. Frauke Heiligenstadt, financial policy spokesperson for the Social Democrats, noted that 'Germany's gold reserves are well diversified' and that having gold in New York made sense due to close financial policy links between Germany, Europe, and the US. Nonetheless, an increasing number of Merz's Christian Democrats have spoken out in favour of relocation.
