In recent discussions within the Bundesbank’s circles and German politics, a growing number of voices are calling for the removal of the nation’s gold reserves-valued at around €164 billion-from storage in New York.
Emanuel Mönch, the former head of the research department at the Bundesbank, told “Handelsblatt” on Thursday that the current geopolitical climate makes it risky to keep such a large quantity of gold in the United States. “For greater strategic independence from the U.S., the Bundesbank would be well advised to consider a retrieval operation” he said.
Green Party finance spokesperson Katharina Beck added to the debate. She argues that the gold reserves are a “key stability and trust anchor” and must not become pawns in geopolitical disputes. She noted that, with President Donald Trump still in power, the safest solution would be to house the reserves in Germany-“that should be possible as soon as the reserves are moved to Germany”.
The Bundesbank currently stores 1,236 tonnes of gold at the Federal Reserve Bank of New York. President Joachim Nagel, supported by government factions in the Bundestag, rejects any relocation. Union Party finance spokesman Fritz Güntzler told “Handelsblatt” that it makes sense to keep part of the reserves in the United States, warning that public speculation about a withdrawal could be counterproductive.
Frauke Heiligenstadt, finance spokesperson for the SPD, admits concern but urges calm. She says the reserves are well diversified, with half of them in Frankfurt, which ensures Germany’s operational flexibility. She also remarks that the New York location is sensible because Germany, Europe, and the United States are closely linked financially.
