Germany may seek to repatriate a significant portion of its gold reserves currently stored in New York amid rising concerns over former U.S. President Donald Trump’s unpredictable tariff policies.
Senior members of the Christian Democratic Union (CDU), likely set to lead the next German government, are reportedly discussing moving the gold home. Germany holds the world’s second-largest gold reserves—about 3,350 tonnes—trailing only the U.S.
Historically, much of Germany’s gold was stored abroad, particularly in New York, London, and Paris, reflecting the trust placed in its Western allies. However, that trust appears to be shifting.
Although Bundesbank President Joachim Nagel earlier this year said, “There is no doubt at all that with the New York Fed we have a trustworthy, reliable partner,” it seems that optimism about the U.S. is changing especially in the last few days.
The Bundesbank already in 2012 launched an effort to return part of its reserves, transferring 300 tonnes from New York and 374 tonnes from Paris. But still, roughly 1,200 tonnes remain in the United States.
Michael Jäger of the Taxpayers Association of Europe called for a faster move, stating that it would be better to “bring all German gold reserves to Frankfurt or at least to Europe as quickly as possible.”
