A treasure hidden beneath the streets of Manhattan may soon be repatriated. Germany is considering withdrawing its gold reserves, which amount to 1,322 short tons from the Federal Reserve in New York, sparking a debate about the increasingly fragile trust between Berlin and Washington.
Growing concerns over the unpredictability of U.S. policies have reignited the discussion within the Christian-Democratic Union CDU, the party that is set to lead the next German government. According to the newspaper Bild, some prominent faction figures see the withdrawal of the gold bars as a necessary measure to ensure greater strategic and financial independence for the country.
Marco Wanderwitz, former minister and former CDU member of the Bundestag, confirmed that the issue has reemerged. The former parliamentarian had previously advocated for direct control of the gold reserves by German officials, even going as far as requesting to inspect them personally, though his request was rejected in 2012. His stance today is even more resolute, given an even more unstable international context.
Markus Ferber, a Member of the European Parliament from the same coalition, also expressed concern, declaring his support for regular and detailed inspections of this valuable resource. According to Ferber, officials from the Bundesbank, the German central bank, should be able to physically count the gold bars and document their condition to ensure transparency and security.
The value of the German gold reserves held in the United States is estimated at around $122.64 billion, which represents 30% of Germany’s total gold reserves. Until now, keeping a significant portion of these reserves abroad, particularly in New York, was considered a prudent approach, ensuring quick access to dollar liquidity in times of economic emergencies. However, the imposition of new tariffs by Trump against the European Union has contributed to an atmosphere of uncertainty, making the transatlantic relationship increasingly fragile.
The Bundesbank, however, has tried to tone down the rhetoric, stating that it has no doubts about the reliability of the Federal Reserve in New York as a partner in safeguarding the precious metal. Nonetheless, political pressures for repatriating the gold continue to be heard from multiple fronts. Michael Jäger, a representative of the European Taxpayers Association, suggested that it would be advisable to repatriate the reserves, if not to Germany, at least to the continent as soon as possible.
This dispute fits into a broader context of redefining Germany’s strategic measures. After the electoral victory in February, Friedrich Merz, leader of the CDU, announced a historic reform on national debt, which included an exemption for defense spending. This change would allow for significant investments, equivalent to 1% of GDP, to strengthen the Bundeswehr and modernize infrastructure, enhancing European military autonomy and reducing dependency on the U.S.
