Germany Times

Unity and Justice and Freedom
Tuesday, Jul 01, 2025

Debate on Repatriation of Germany's Gold Reserves Grows Amid US Tensions

Calls for Germany to bring back gold reserves from the US are escalating amid concerns over US reliability and relations.
As tensions between Germany and the United States continue to rise, calls for the repatriation of Germany's substantial gold reserves stored in the US have intensified.

The European Taxpayers' Association is advocating for immediate action to retrieve these reserves, which are held primarily at the Federal Reserve Bank in New York.

Vice President Michael Jäger has urged the German government and the Bundesbank to act with foresight, highlighting apprehensions about the changing global political landscape under the current US administration.

Germany houses the second-largest gold reserves globally, amounting to approximately 3,375 metric tons, equating to nearly 270,000 bars.

The estimated market value of these reserves is around €280 billion, with nearly 37 percent, or approximately €100 billion worth, stored in the United States.

Amid concerns about the future of US-Germany relations, the demand for repatriation has been further fueled by remarks from former President Donald Trump regarding the Federal Reserve and the security of US gold reserves.

Elon Musk, a prominent tech entrepreneur and Trump ally, has also suggested a review of the Federal Reserve's operations, adding to the urgency among German officials.

Jäger has proposed that Germany should conduct a physical inspection of its gold reserves in the US, drawing a parallel to Trump's calls for transparency regarding US gold holdings.

Despite rising calls for scrutiny, the Bundesbank has reaffirmed its trust in the Federal Reserve, asserting that there is no cause for concern regarding the safety of its gold assets.

The movement to repatriate Germany’s gold is not new.

Under the initiative “Holt unser Gold heim” (Bring Our Gold Home), Germany had previously repatriated some of its reserves following criticism from the Federal Court of Auditors over transparency and verification issues.

A comprehensive repatriation effort was initiated by the Bundesbank in 2013, which successfully returned 674 tons of gold from both New York and Paris to Frankfurt by 2020. However, the process has proven to be logistically complex and costly, with expenses estimated at approximately €7 million due to secure transportation needs across the Atlantic and the re-melting of some gold bars.

Germany’s gold reserves have been stored abroad since the early post-World War II period, when the Bank deutscher Länder, the predecessor of the Bundesbank, began accumulating gold in response to the post-war economic recovery.

This included exchanging US dollars, earned through booming exports, for gold from the US Central Bank, establishing the foundation for the significant gold stocks held overseas to this day.
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