Calls grow to repatriate Germany’s gold reserves from New York over geopolitical risks

The safety of Germany’s gold reserves held abroad, especially those stored in New York, has shifted from a niche concern of far-right groups and gold enthusiasts to a broader public debate, especially with Donald Trump’s return to the White House.

Germany’s Bundesbank holds the world’s second-largest gold reserve at 3,352 tonnes, with about one-third stored at the Federal Reserve Bank of New York — a practice dating back to the Cold War and the post-World War II monetary system.

While these holdings have drawn occasional scrutiny before, recent tensions under Trump—marked by his confrontations with allies over trade and security and his attacks on the Federal Reserve—have reignited the debate. More mainstream figures have now voiced calls for repatriating the gold.

The German Taxpayers Federation recently urged the Bundesbank and Finance Ministry to bring the gold back from the U.S., warning that Trump’s efforts to control the Fed could threaten the security of Germany’s gold reserves, Caliber.Az reports via Reuters.

“It’s our money; it should be brought home,” said Michael Jaeger, the federation’s vice-president.

Markus Ferber, a prominent German Christian Democrat and European Parliament member, described the U.S. as “no longer the reliable partner it once was.” He warned that Trump’s unpredictability could lead to unconventional measures regarding foreign gold reserves, urging the Bundesbank’s policies to adapt to new geopolitical realities.

German public broadcasters ZDF and ARD have also recently questioned the safety of Germany’s gold in New York.

In response, the Bundesbank reaffirmed that the New York Fed remains an “important storage location” and a “trustworthy, reliable partner.” The Finance Ministry deferred to the Bundesbank while emphasising its independence. Any move to relocate gold would be politically sensitive, potentially signalling distrust in the Fed’s autonomy.

Last week, the European Central Bank also stressed its confidence in the Fed. However, Trump’s repeated criticism of Fed Chair Jerome Powell, whose term ends next year, has fueled concerns about the Fed’s future independence and commitments.

Peter Boehringer, an AfD lawmaker who originally campaigned for repatriation, said he feels vindicated that the topic has now entered mainstream discourse. “When I first raised concerns, I was dismissed as a conspiracy theorist. Now, after Trump, my worries are widely shared,” he said.

Germany amassed much of its gold during the export boom of the 1950s and ’60s. Storing a portion in New York was a strategic move during the Cold War to keep it safe from a potential Russian invasion, while reinforcing the military alliance with the U.S., which still maintains numerous bases in Germany.

Between 2014 and 2017, the Bundesbank repatriated 300 tonnes of gold from New York to boost confidence at home. However, Russia’s invasion of Ukraine and the renewed security risks it poses to Europe complicate decisions about the gold’s location.

Ferber highlighted the importance of diversifying gold storage across multiple sites, noting that Germany’s reserves are currently split between Frankfurt, New York, and the Bank of England in London. “Diversification is key; putting all eggs in too few baskets is risky,” he said, without naming potential new locations.

Fritz Guentzler, a spokesperson for the Christian Democrats, said he trusts the Fed but believes the Bundesbank should continue rigorous inspections. The Bundesbank confirmed it regularly conducts sample audits, having inspected about 13% of its New York stock over the years.

By Tamilla Hasanova