German lawmaker pushing to repatriate gold from US

2026-01-25 - 21:05

Around a third of Berlin’s bullion reserves, worth $180 billion, remain in New York Berlin should repatriate its gold reserves held in the US, a German lawmaker told Der Spiegel on Friday, citing concerns over US President Donald Trump’s “unpredictable” policies. Marie-Agnes Strack-Zimmermann, a member of the Free Democratic Party (FDP), said repatriating the reserves would reduce strategic risk amid growing uncertainty. Gold prices have surged over the past four years, rising nearly 70% in 2025 alone, fueled by central bank demand, inflation concerns, and geopolitical tensions. Gold futures hit a record high this week, topping $4,860 an ounce, amid Trump’s renewed tariff threats against European countries that oppose his Greenland acquisition plan, which he later downplayed. ”At a time of growing global uncertainties and under the unpredictable US policies of President Trump, it is no longer acceptable that around 37% of Germany’s gold reserves, more than 1,230 tons, are stored in New York,” Strack-Zimmermann said. The Bundesbank holds 1,236 tons of gold worth $178 billion at the US Federal Reserve in New York. For decades, a significant share of Germany’s reserves has been kept abroad due to historical and market factors. Read more Buckets and bullion: Behind the glitter of Russia’s gold reserves Strack-Zimmermann said the arrangement made sense during the Cold War but no longer suits today’s geopolitical landscape. “Mere faith” in “transatlantic partners” cannot replace sovereignty in economic and security policy, she argued. Germany has stored part of its reserves overseas since