Trump’s return sparks public debate in Germany over gold reserves held abroad

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Dacharlie

The safety of Germany’s gold reserves held overseas and in New York in particular, until recently mainly a talking point for the country’s far-right party and gold bugs, is reportedly becoming a matter of public debate with Donald Trump back in the White House.

The Bundesbank, Germany’s central bank, has the world’s second-largest stock of gold at 3,352 tonnes, and one-third of it is stored at the Federal Reserve Bank of New York.

Those holdings have occasionally attracted scrutiny in the past, and the right-wing Alternative for Germany (AfD) has embraced calls for a return of the country’s gold back home, _Reuters_ reported on Friday.

Trump’s clashes with longtime allies over trade and security, along with his criticism of the Federal Reserve, have recently brought the issue back into the spotlight, drawing more attention from mainstream commentators.

Germany’s Taxpayers Federation sent letters this week to the Bundesbank and the Finance Ministry calling on them to repatriate the gold stored in the United States, the report said [https://www.reuters.com/business/finance/trump-spurs-questions-about-safety-germanys-gold-new-york-2025-05-30/].

“Trump wants to control the Fed, which would also mean controlling the German gold reserves in the U.S.” Michael Jaeger, the Taxpayers Federation’s vice-president, told _Reuters_. “It’s our money, it should be brought back.”

Markus Ferber, an influential member of the European Parliament for Germany’s ruling Christian Democrats, said the United States was “no longer the reliable partner it used to be.”

“Trump is erratic and one cannot rule out that someday he will come up with creative ideas how to treat foreign gold reserves,” he said. “The Bundesbank’s policy for gold reserves has to reflect the new geopolitical realities.”

Public broadcasters ZDF and ARD have also recently carried reports asking how safe Germany’s gold is in New York.

Any hint that Germany might be considering moving gold out of New York would be politically sensitive as it could be interpreted as lack of confidence in the Federal Reserve and its independence, the report noted.

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