Germany may revisit the location of its overseas gold reserves, particularly those held in the United States, amid mounting concerns over U.S. President Donald Trump’s unpredictable tariff policies, according to a report published by The Telegraph on Friday.
Citing a report from German newspaper Bild, The Telegraph noted that several senior figures within the Christian Democratic Union (CDU)—the party expected to lead Germany’s next government following its February election victory—have begun discussions about the potential repatriation of a substantial portion of the country’s gold stored in New York.
Germany holds the world’s second-largest gold reserves, totaling approximately 3,350 tonnes, second only to the United States, which possesses around 8,100 tonnes. Historically, Germany has kept large portions of its gold in foreign vaults—in New York, London, and Paris—as a strategic decision during the Cold War era to ensure access in case of geopolitical conflict. This arrangement was also a reflection of the strong trust Germany maintained with its Western allies, particularly the U.S.
However, that trust may be eroding. Markus Ferber, a Member of the European Parliament for the CDU, told Bild that “German officials must be allowed to personally inspect its bullion” stored in the U.S., reflecting growing scrutiny over the nation’s foreign-held reserves.
Concerns over Germany’s gold holdings abroad are not new. Former CDU lawmaker Marco Wanderwitz raised similar issues in 2012, pushing for increased oversight and greater involvement from the Bundesbank in managing the nation’s gold. Although his proposal was initially dismissed, Germany later undertook a major repatriation effort to bring back a portion of its overseas reserves. Between 2013 and 2017, Germany successfully transferred 300 tonnes of gold from New York and another 374 tonnes from Paris to Frankfurt, achieving its target of keeping at least half of its gold reserves on home soil by 2020.
Despite these efforts, Germany still stores about 1,200 tonnes—or roughly a third—of its gold at the Federal Reserve Bank of New York, along with an additional 430 tonnes at the Bank of England. At current market prices, the gold held in the U.S. is valued at over €100 million.
Michael Jäger of the Taxpayers Association of Europe has advocated for the complete repatriation of Germany’s gold, arguing that all reserves should be “brought to Frankfurt or at least to Europe as quickly as possible.”
Nonetheless, Bundesbank President Joachim Nagel reaffirmed earlier this year that Germany remains confident in the integrity of its overseas partners. “There is no doubt at all that with the New York Fed we have a trustworthy, reliable partner in the storage of our gold holdings,” Nagel stated.
The Federal Reserve Bank of New York, the world’s largest custodian of gold, stores approximately 6,300 tonnes of gold on behalf of over 30 foreign central banks. Other major European economies, including Italy and Switzerland, also keep portions of their reserves in the Manhattan-based facility.
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