In a move that highlights growing European concern over U.S. political volatility, Germany is reportedly considering repatriating a significant portion of its gold reserves currently stored in the United States.
According to German newspaper Bild, the discussion centers on the potential risks posed by a possible return of Donald Trump to the White House.
Rising Concerns Over U.S. Policies: Is Washington Still a Trusted Partner?
Senior officials within the Christian Democratic Union (CDU), the party expected to lead the next German government, have discussed the possibility of transferring gold reserves from the Federal Reserve in New York to Europe, citing doubts about the reliability of the transatlantic partnership.
Marco Wanderwitz, a former government minister and Bundestag member, stated:
Of course, this issue is being raised again.
Wanderwitz has long advocated for greater transparency and regular inspections of Germany’s foreign-held gold — or even for bringing all of it back home. His 2012 request to personally inspect the gold reserves in New York was denied.
Germany’s Gold Reserve: One of the Largest in the World
Germany holds the second-largest gold reserve globally after the United States. Approximately 1,200 tons of this gold, worth an estimated €113 billion, are stored in underground vaults at the New York Federal Reserve — representing about 30% of Germany's total gold holdings.
These reserves were accumulated after World War II, during an economic boom driven by strong exports. Under the Bretton Woods system, trade surpluses were often converted into gold.
Calls to Bring the Gold Back to Europe
Markus Ferber, a Member of the European Parliament from the CDU, also supported the idea of regular inspections.
Michael Jäger, a member of the European Taxpayers’ Association, went further, urging a full repatriation:
"I demand that representatives of the Bundesbank count and verify the gold bars themselves," he said.
"All German gold reserves should be transferred to Frankfurt or at least within Europe as soon as possible."
Bundesbank Responds: No Doubts About New York's Security
Despite growing political pressure, the Bundesbank reaffirmed its trust in the New York Fed, stating it remains "a reliable and secure partner" for gold storage.
Currently, around 50% of Germany’s gold is already stored in Frankfurt, with an additional 13% held in London.
Expanding Sovereignty Beyond Gold: Defense and Fiscal Reform
Germany's efforts to strengthen its independence aren’t limited to gold repatriation. Friedrich Merz, leader of the CDU, announced plans to significantly expand defense spending. Under a new fiscal reform, military projects worth up to 1% of the country's GDP would be exempt from Germany's strict "debt brake" rule.
These funds would be merged with a €500 billion infrastructure fund aimed at modernizing roads, railways, and public services — a dual initiative to enhance both national security and economic sovereignty.
The overarching goal: to transform the Bundeswehr (German armed forces) into a central force in European defense and reduce the continent’s reliance on U.S. military and economic power.
