German politicians questioned the security of billions of euros worth of gold reserves stored in the United States on Monday, with some calling for inspections or complete repatriation amid strained transatlantic relations.
Germany holds 37% of its gold reserves — 1,236 metric tons worth approximately 113 billion euros ($122 billion) — in Federal Reserve Bank vaults in New York, according to the Bundesbank.
“The federal government must immediately bring back German gold from the USA,” Michael Jäger of the European Taxpayers’ Association told German newspaper Bild, citing “global political power shifts” as justification for his concerns.
Christian Democratic Union (CDU) lawmaker Marco Wanderwitz revived questions he first raised in 2012 about verifying the overseas holdings.
“Of course, the question now arises again,” Wanderwitz told Bild.
Markus Ferber, a European Parliament member also from the CDU, demanded “regular control of the German gold reserves” with Bundesbank officials counting the bars in person.
The calls come as relations between Germany and the United States face increasing strain under President Donald Trump’s administration, which has criticized German trade practices and questioned defense commitments.
Germany previously relocated all its gold from France in 2013 following public pressure campaigns. The Bundesbank now stores more than half its gold reserves in Frankfurt, with the remainder split between New York and London, where 13% remains at the Bank of England.
Bundesbank President Joachim Nagel dismissed these concerns during a February press conference.
“We have a trustworthy and reliable partner in the Fed in New York,” Nagel said. “It does not keep me awake at night.”
The Federal Reserve Bank of New York stores approximately 6,331 tons of gold for more than 30 foreign central banks, including Italy and Switzerland, serving as the world’s largest gold custodian.
Trump senior advisor Elon Musk has called for similar verification of America’s gold reserves.
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