Germany is currently at a crossroads regarding its massive gold reserves, with a growing chorus of experts suggesting it’s time to bring the bullion home. The primary driver behind this movement is the shifting landscape of transatlantic relations, which has introduced a layer of geopolitical risk that was previously unthinkable. As the world becomes more fragmented, the logic of keeping national wealth in foreign vaults is being questioned.
The scale of the assets in question is staggering. Germany holds the world’s second-largest gold reserve, valued at nearly €450 billion. A significant portion of this—roughly 1,236 tonnes—is currently housed in New York City. This means that approximately €164 billion of German wealth is technically under the jurisdiction of the United States, a fact that is causing increasing anxiety in Berlin.
Economist Emanuel Mönch has emerged as a leading voice in this debate, arguing that the current global climate mandates a change in strategy. He suggests that keeping such a large percentage of national assets abroad is an unnecessary risk. In his view, true strategic independence can only be achieved if Germany has physical possession of its most valuable commodity.
This sentiment is no longer confined to the fringes of political discourse. Financial analysts are increasingly worried that political instability in the U.S. could lead to scenarios where access to these reserves is restricted. What was once a routine administrative arrangement has now become a central topic of national security and economic autonomy.
Despite the pressure, the German government remains steadfast in its current policy. Officials argue that the reserves are well-diversified across different global locations and are subject to rigorous, regular audits. While they acknowledge the public’s concern, they insist that there is no immediate threat to the security or accessibility of Germany’s gold.