Archive · 26 Jan 2026
Germany Debates Repatriating Gold from US Vaults
Germany has a lot of gold stored in the US, worth about €164 billion.
Some people in Germany think it's risky to keep it there because of the unpredictable US president and tensions between the countries.
They want to bring the gold back to Germany.
Others say it's fine where it is and moving it could cause problems.
The German government is currently not planning to move the gold, but more people are starting to talk about it.
Germany holds €164 billion in gold reserves in New York, with calls to repatriate it due to US unpredictability.
Emanuel Monch and Michael Jager advocate for repatriation, citing geopolitical risks and US actions like interest in Greenland.
Stefan Kornelius and Frauke Heiligenstadt argue against repatriation, emphasizing financial policy links and diversification.
Germany's gold reserves are valued at nearly €450 billion, with 50% in Frankfurt, 37% in New York, and 12% in London.
The debate has moved from far-right groups to mainstream political parties, with mixed support for relocation.
- Who
- Germany's government, economists, and financial experts
- What
- Debate over repatriating gold reserves from US vaults
- When
- Ongoing, with renewed calls recently
- Where
- Germany and the United States
- Why
- Concerns over US unpredictability and strategic independence
- Gold Reserves
- €164 billion (1,236 tonnes) in New York
- Storage Locations
- 50% in Frankfurt, 37% in New York, 12% in London
- Total Value
- €450 billion
- Key Advocates
- Emanuel Monch, Michael Jager, Katharina Beck
- Opponents
- Clemens Fuest, Joachim Nagel, Frauke Heiligenstadt
- Geopolitical Concerns
- US unpredictability, Greenland tensions
- Political Parties Involved
- AfD, Greens, Christian Democrats, Social Democrats