Germany Urged to Bring Gold Home Amid Growing US Uncertainty

Germany is facing renewed calls to bring a large portion of its gold reserves back from the United States, as economists and financial experts warn of rising geopolitical risks. Concerns are being fueled by changing transatlantic relations and uncertainty surrounding US political leadership.
Germany holds the world’s second-largest national gold reserves, valued at nearly €450 billion. Around 1,236 tonnes—worth approximately €164 billion—are currently stored in vaults in New York, making the US a major custodian of German gold.
Economist Emanuel Mönch has warned that keeping such a significant share of national wealth overseas could be risky under current global conditions. He argues that greater strategic independence would be better served by repatriating the gold to Germany.
Other financial voices have echoed similar concerns, suggesting that political unpredictability could restrict Germany’s access to its own reserves in extreme scenarios. These fears have moved the debate beyond fringe political circles into mainstream economic discussion.
Government officials, however, maintain that Germany’s gold holdings are well diversified and regularly audited. They stress that there is no immediate cause for alarm, despite the growing public debate.