Germany is weighing the possibility of repatriating a massive portion of its gold reserves from the United States due to mounting concerns over Donald Trump’s policy unpredictability, The Telegraph reported, citing German media outlet Bild.
For decades, Berlin has stored around 1,200 tonnes of its gold, valued at approximately €113 billion (£96 billion), at the U.S. Federal Reserve vault in New York., the Telegraph added. This stockpile accounts for nearly 30 percent of Germany’s total gold reserves, making it the second-largest national reserve in the world after the United States.
But with Trump recently reimposing steep tariffs on the European Union and signaling a more isolationist stance, influential voices within Germany’s conservative Christian Democratic Union (CDU), which is expected to lead the next government, are calling for a reassessment of that long-standing arrangement.
“Of course, the question has arisen again,” Marco Wanderwitz, a former minister and CDU parliamentarian, told Bild, as quoted by The Telegraph. Wanderwitz has long supported policies allowing German officials to directly inspect the stored bullion, or even relocate it entirely. His previous requests to inspect the gold in New York were denied, including a notable attempt in 2012.
Markus Ferber, a CDU Member of the European Parliament, echoed the call for greater oversight, telling Bild, “I demand regular checks of Germany’s gold reserves. Official representatives of the Bundesbank must personally count the bars and document their results.”
Germany’s gold accumulation began in the post-World War II era, as trade surpluses were converted into gold under the Bretton Woods system. Storing the reserves abroad, particularly in the U.S., was historically seen as a prudent move to maintain quick access to dollar liquidity during economic crises.
However, that rationale is being increasingly questioned. Michael Jäger, a member of the Taxpayers Association of Europe, told Bild that it would be preferable “to bring all German gold reserves to Frankfurt or at least to Europe as quickly as possible.”
Currently, about half of Germany’s gold is stored in Frankfurt, with 13 percent held in London. The Bundesbank, which manages the reserves, pushed back on suggestions of mistrust, stating: “We have absolutely no doubt that in the Federal Reserve in New York we have a trustworthy, reliable partner in the storage of our gold reserves.”
The push for gold repatriation comes as Germany moves to reduce its broader dependence on the U.S. The CDU, under newly elected leader Friedrich Merz, is pursuing major reforms to expand military spending and upgrade critical infrastructure. These include a €500 billion fund for roads, rail, and public services, as well as reforms that would allow defence spending to bypass the country’s constitutional debt limits.
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