A wave of economic anxiety is sweeping through Berlin as prominent German economists and political figures demand the immediate repatriation of the nation’s gold reserves currently held by the Federal Reserve in New York.
The movement, fueled by what many describe as a "crisis of confidence" in transatlantic relations, signals a historic shift in how Europe’s largest economy views its alliance with the United States.
Escalating Geopolitical Risks According to reports from Youm7 and major European outlets, the push to bring the gold home is driven by the perceived unpredictability of U.S. trade and foreign policies.
Experts, including Michael Jäger of the European Taxpayers Association, have voiced concerns that Germany’s national wealth—amounting to billions of euros—is no longer "safe" in overseas vaults given the current global tensions and the potential for unilateral U.S. actions.
"The risk is increasing that the German Bundesbank will no longer be able to access its gold if geopolitical provocations continue," Jäger warned, citing recent diplomatic friction and aggressive tariff threats as key catalysts for the demand.
A Matter of Strategic Sovereignty Germany holds the world's second-largest gold reserves, totaling approximately 3,350 tonnes. While more than half is already stored in Frankfurt, roughly 37% remains at the New York Federal Reserve.
Mainstream political voices, including members of the Green Party and economic advisors, are now joining the far-right in arguing that physical control over these assets is essential for "strategic independence."
Leading economist Emanuel Mönch described the storage of so much gold in the U.S. as "risky" under the current administration. Advocates for repatriation argue that gold serves as an "anchor of stability" that should not be left vulnerable to being used as a pawn in international trade disputes.
Economic Caution vs. Public Pressure Despite the growing chorus for withdrawal, some financial authorities, including Joachim Nagel, President of the Deutsche Bundesbank, have previously expressed trust in the New York Fed as a reliable partner.
Critics of a sudden withdrawal warn that such a move could inadvertently escalate diplomatic tensions or signal a breakdown in the global financial order.
However, with the dollar’s global dominance under scrutiny and gold prices reaching record highs, the pressure on Berlin to "bring the gold home" has reached its highest level in over a decade, turning a technical central bank issue into a heated debate over national sovereignty and economic security.
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