German gold in New York: The repatriation debate
The question is actually an old one, but it suddenly feels very topical again: Should Germany bring more of its gold reserves home from New York? Following the recent political tensions between the US and Europe, calls for this are growing louder again. Not because anyone seriously doubts the security of the vaults, but because the environment has changed: there is more friction, more mistrust, more "what ifs." Gold is not just an investment. For countries, it is also a signal, a safeguard, and a piece of sovereignty.
What is actually lying there and where?
Germany is one of the heavyweights in the gold club, with around 3,350 tons of gold reserves on its books. And these are not all located in Frankfurt, but distributed across various locations:
- Frankfurt: a large portion directly at the Bundesbank
- London: another share (also due to marketability)
- New York: a significant portion at the Federal Reserve
New York in particular has historically been a "gold hub." But it is precisely this location that is now becoming a political issue again.
Why is this topic coming up right now?
Because transatlantic relations have cooled. The Greenland dispute, tariff threats, public pressure—all of this is enough to bring a sensitive issue back onto the agenda: How independent can you really be when important reserves are located abroad?
The criticism essentially revolves around three ideas:
- Access in an emergency: Can you access it quickly and easily in a conflict situation?
- Dependencies: Does a storage location become politically "more sensitive" when relationships change?
- Symbolism: What does it say about sovereignty when a large part of it lies elsewhere?
Important: This is primarily a discussion about risk and perception, not about missing property.
And what does the Bundesbank say about this?
In short: everything is relaxed. Bundesbank President Joachim Nagel emphasizes that there is great confidence in the Fed's custody in New York. The Bundesbank currently sees no reason to make any hasty changes.
Furthermore, repatriation is not uncharted territory. Since 2013, Germany has already brought large quantities of gold from abroad to Frankfurt, including from New York. This means that it is possible if desired. However, it is not a quick fix, but rather a large-scale project that requires careful planning.
The real issue: trust instead of safe doors
The most exciting question is not actually "How secure is the vault?" but rather: How secure does the system feel? When politicians call for gold to be brought back to Germany, they are indirectly saying: "We want less geopolitical friction in a matter that is strategic."
And this is where it gets interesting, including for investors. Because when countries discuss reserves, it almost always involves larger issues:
- geopolitical uncertainty as a permanent state
- new blocs, new lines of conflict
- more focus on hard, neutral assets
Looking ahead
Whether Germany will actually repatriate more gold remains to be seen. But the debate clearly shows that gold remains politically relevant as an anchor of stability, a symbol of trust, and a hedge against an environment that seems less predictable than it did a few years ago. And that is precisely why the topic keeps coming up. Not because of panic, but because the global situation is changing, and with it the perception of "security."