Germany’s conservative politicians are raising urgent questions about the safety of the nation’s vast gold reserves stored in the United States, according to Politico.
With growing political tensions and fears over US reliability, some are demanding greater transparency or even the repatriation of billions of euros worth of bullion.
Germany possesses the world’s second-largest gold reserves, with 1,236 metric tons (37% of its total holdings, worth €113 billion) secured in the vaults of the New York Federal Reserve. This arrangement, dating back to the Cold War, was designed to ensure liquidity in foreign currency exchanges.
Christian Democratic Union (CDU) lawmakers Marco Wanderwitz and Markus Ferber are among those calling for direct audits.
Official representatives of the Bundesbank must personally count the bars and document their results.
Wanderwitz, who first pushed for inspections in 2012, warned that “the question now arises again.” The debate has gained unexpected credibility, partly due to figures like Elon Musk, who has questioned the integrity of US gold reserves.
Meanwhile, Bundesbank President Joachim Nagel maintains unwavering confidence in the Federal Reserve.
We have a trustworthy and reliable partner in the Fed in New York for the storage of our gold holdings. It does not keep me awake at night. I have complete confidence in our colleagues at the American central bank.
Germany has already shifted gold once before. In 2013, amid public pressure and eurozone bailout fears, the Bundesbank moved all its reserves from France back to Frankfurt. Today, over half of Germany’s gold is stored domestically, with 13% at the Bank of England.
