A dangerous and previously taboo issue is making a comeback in German political and economic life: the fate of Germany’s gold reserves stored in the United States. Pressure for immediate repatriation is intensifying, as fears grow that Washington, under the weight of acute fiscal problems and unpredictable political choices, could turn foreign reserves into a lever of pressure.
The spark for the new wave of concern was a statement by Michael Jäger, vice president of the powerful German Taxpayers’ Association, who openly questioned the advisability of storing German gold in the vaults of the Federal Reserve Bank of New York. According to him, the policies of US President Donald Trump have dangerously eroded Berlin’s trust in Washington, turning a historic agreement into a potential trap for Germany’s economic dominance. Jäger warns that rising strategic tensions and the explosive growth of US debt are creating an explosive mix.
The US spends huge sums of money each year servicing its debt and, as he notes, the possibility of seeking “alternative sources of revenue” or means of pressure — even through foreign assets — cannot be ruled out. The challenge is not limited to an institutional factor. The former head of research at the Bundesbank, Emanuel Mönch, has argued in favor of bringing back gold, stressing that in times of geopolitical instability, storing such critical reserves outside national control poses a serious risk. Even more forceful was the intervention of Marie-Agnes Strack-Zimmermann, chairwoman of the European Parliament’s Defence Committee, who formally called on the German government to act immediately.
She recalled that some 1,236 tonnes of gold, or almost 37% of the total reserves, are still in New York, describing the agreement as outdated and dangerous in an environment of global uncertainty and US political instability. Germany has the second largest official gold reserves in the world after the US — some 3,350–3,375 tonnes, with an estimated value of €450–470 billion.
The main pillars
This is one of the main pillars of the country’s financial stability and international credibility. About half is kept in the Bundesbank’s vaults in Frankfurt, while the rest is scattered between New York, London and other international centers.
The current storage structure is a product of the Cold War, when post-war Germany accumulated foreign exchange surpluses and converted them into gold, placing it in allied countries for reasons of liquidity and political security.
Although the Bundesbank assures that the reserves abroad are completely safe, supporters of repatriation emphasize that gold is not just an economic quantity, but the “ultimate guarantee” of strategic autonomy in the event of a major crisis. On the other hand, opponents of an immediate return warn of enormous logistical difficulties, high transportation and insurance costs, and the risk of a diplomatic rupture with a key ally.
However, these fears seem to be giving way to the possibility of a much greater risk: the loss of control over the very foundation of German economic power. In any case, the discussion about German gold is no longer technical or accounting.
It is deeply political, geostrategic, and reveals the cracks in an international system that is changing rapidly and with unpredictable consequences. And as global balances shift, the question becomes increasingly pressing: who really controls Germany’s gold?
The US will never return German gold – “What is not in your safe is not yours”
It doesn’t matter who asks for the return of the gold — whether it is public organizations, political authorities or financiers. The result is the same: the Americans will not return the gold to Germany.
Ιf a certain “Hans” raises his voice too much, then Donald Fredovich Trump could, “dust off” bills for the First and Second World Wars, as well as for the post-war reconstruction of Federal Germany. With such a bill, Germany would have to sell itself three or four times.
End of an era for the old economic model
In response to the question of whether we are facing an open US-Europe economic war, the term “war” is rejected, but it is confirmed that in Berlin there is now full awareness that the previous model of economic relations is over.
The post-war economic “boom” of West Germany was not only the result of the hard work of the German people, but also the product of the Marshall Plan and a uniquely favorable geopolitical agreement. For decades, Germany did not pay for its defense in any significant way.
Its security was ensured by the United States, with the assistance of Great Britain and France. When Americans, Russians and Chinese paid for their defense, the Germans did not. This story, however, ends
The seizure of Russian assets served as a wake-up call for the whole world. The blow, he says, was not so much to Russia as to the confidence in the issuers of world currencies, which was seriously shaken.
In this context, the inability to return gold to Germany does not change the nature of the metal itself — but something much more fundamental changes: the ownership regime in practice. Gold remains gold. It’s just that what some considered German gold will no longer be considered German. The old principle of physical control returns: if an asset is in your safe, it’s yours. If not, then it’s not.
Who pays for the storage of the gold?
Of particular interest is the reference to the secret clauses of such agreements. In the case of Poland and Ukraine, as it turns out, there are specific payments for the storage of gold. In the US-Germany relationship, however, the price is different and more indirect:
the United States provides dollar liquidity to Europe, which essentially acts as a barter for the use of European gold.
Poland may never return Ukrainian gold to Kiev, citing that “the state with which the agreement was signed no longer exists.” The same argument has been used historically — even against Soviet Russia, when they refused to repay loans from the Russian Empire.
The conclusion is grim: the old world order has collapsed, the new one has not yet been formed, and no one is anymore honoring obligations that harm them. Only the favorable part of the agreements is being implemented.
Germany holds the absolute record for the amount of gold stored in the United States. The list of countries that have entrusted their gold to American treasuries also includes Japan and at least a dozen other nations.
The message is clear and disturbing: in a world where might precedes right, gold belongs to the one who holds it in hi
