Germany Steps Up Calls to Repatriate Billions in Gold From U.S. as Trump Era Risks Grow

Berlin — German political and economic figures are increasingly pushing to bring a large portion of the country’s gold reserves home from the United States amid growing concern over the security of those holdings under the U.S. government led by former President Donald Trump.
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‎Germany stores roughly 1,236 tonnes of gold—around 37 percent of its total reserves and worth about €164 billion—at the Federal Reserve Bank of New York, part of a Cold War-era arrangement. That stash has come under renewed scrutiny after Trump’s return to the White House prompted debate over whether U.S. political unpredictability could put foreign reserves at risk.
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‎Economists including former Bundesbank research chief Emanuel Mönch argue that keeping such valuable national assets abroad exposes Germany to geopolitical risk, and they are urging officials to consider repatriation as a strategic move toward financial independence.
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‎Support for the idea is now coming from a broader political spectrum, including members of the European Parliament like Marie-Agnes Strack-Zimmermann, who said storing so much gold in the U.S. is “no longer justified” under current conditions.
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‎Despite the rising debate, government and Bundesbank officials have so far stopped short of committing to a full withdrawal. They emphasize that the longstanding custodial relationship with the Federal Reserve remains secure, and that a shift could have complex diplomatic and financial implications.
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‎Analysts note this discussion comes amid broader global trends of reserve diversification, and any move to repatriate gold could signal a notable shift in how countries view the security of foreign-held assets.