• German economists and officials urge repatriation of gold reserves from the US amid Trump-era uncertainties.
• Germany holds the world’s second-largest gold reserve, with 37% stored in New York.

German economists are calling on their government to repatriate the country’s gold reserves stored in the United States, citing growing uncertainty over US policy under President Donald Trump, according to The Guardian.

Germany holds the world’s second-largest gold reserve after the United States, with around 164 billion euros ($192.8 billion), roughly 1,236 tons, deposited in the Federal Reserve Bank in New York.

Calls grow beyond far-right circles

Economist Emmanuel Munsch, former head of research at the German central bank (Bundesbank), told Handelsblatt that keeping gold in the US under the current administration entails “serious risks.”

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Michael Geiger, president of the European Taxpayers Federation, warned that Trump’s unpredictable policies and focus on revenue generation could jeopardize Germany’s access to its assets in the future.

The debate, previously confined to far-right groups, is now central to Germany’s mainstream political and economic discussions. Katherina Beck, financial spokeswoman for the opposition Green Party, emphasized the need to protect the gold before it becomes “hostage to international conflicts”.

Officials warn of risks

Conversely, Clemens Fuest, head of the Ifo Institute, cautioned that moving gold could “add fuel to an already tense situation,” according to Rheinische Post.

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Voices within Chancellor Friedrich Merz’s Christian Democratic Union have also begun questioning the reliability of the United States as a strategic partner under the current administration.

Germany’s gold distribution

Germany’s total gold reserves are valued at around 450 billion euros ($532 billion), split between Frankfurt (over 50%), New York (37%), and London (12%).

Despite reassurances from Bundesbank president Joachim Nagel and the German government that the gold is secure, some experts, including Professor Ulrike Neer, argue that the United States is no longer a reliable custodian under Trump.

The debate highlights increasing concern among German policymakers over asset security and geopolitical risk amid shifting transatlantic relations.