A growing chorus of economists and financial experts is urging the German government to repatriate a significant portion of its national gold reserves currently stored in the United States. The calls cite heightened geopolitical uncertainty and a desire for greater strategic independence.
Germany possesses the world’s second-largest gold reserves, valued at nearly €450 billion. While just over half is held domestically at the Bundesbank in Frankfurt, approximately 37%—amounting to 1,236 tonnes—is stored in the vaults of the U.S. Federal Reserve in New York.
Advocates for the move argue that the shifting dynamics in transatlantic relations, particularly under the current U.S. administration, have increased the risk of keeping such a vast asset abroad. They point to concerns over potential future inaccessibility or the weaponization of financial assets in international disputes.
“Given the present geopolitical climate, maintaining such a large share of our gold reserves in the United States carries significant risk,” stated one prominent former Bundesbank official. “Repatriation would be a prudent step toward bolstering our strategic autonomy.”
The issue, once primarily championed by fringe political groups, has gained traction across the mainstream political spectrum. Finance policy experts from opposition parties have labeled the gold an “essential anchor of stability,” warning it must not become entangled in geopolitical maneuvering.
However, the proposal faces opposition from some quarters. Senior government officials have stated that a withdrawal is not currently under consideration. Critics of the plan warn that a large-scale repatriation could be seen as a provocative act, potentially exacerbating existing tensions rather than calming them. They emphasize the deep financial and policy ties between Europe and the U.S., arguing that the current storage arrangement remains logical and secure.
The Bundesbank has previously assured that the gold held in New York is regularly audited and that there is no cause for concern regarding its safety. Nonetheless, as debates over Europe’s economic sovereignty intensify, the question of where to safeguard the nation’s gold is likely to remain a point of significant discussion.