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Germany holds over $109 billion worth of gold at the Federal Reserve Bank of New York. Now, some German voices are questioning whether that gold should stay overseas. With rising global tensions and economic uncertainty, a growing number of officials are pushing for either regular physical inspections or bringing the gold back home.
Michael Jäger from the European Taxpayers’ Association has urged the German government to take immediate action. Speaking to Bild, he said, “The Bundesbank and the German government must demonstrate foresight in this phase of global power shifts and immediately retrieve German gold from the USA. Especially at a time when Berlin and Brussels are discussing immense new debt, we need immediate access to all gold reserves in an emergency.”
He added that if full repatriation isn’t on the table, German officials should at least be able to physically inspect the gold stored abroad.
Markus Ferber, a Member of the European Parliament, supports that idea. He told Bild, “I demand regular checks of Germany’s gold reserves. Official representatives of the Bundesbank must personally count the bars and document their results.”
German lawmaker Marco Wanderwitz also weighed in. Representing the Christian Democratic Union (CDU), he said the country must “either check regularly or retrieve the gold.”
Their concerns appear to be shaped by a broader skepticism about centralized storage of national wealth, especially during times of geopolitical uncertainty. Elon Musk recently entered the conversation as well. On social media, he suggested livestreaming an audit of Fort Knox — the US Army’s well-known bullion depository. Fort Knox hasn’t been audited since September 1974.
Germany’s central bank, the Bundesbank, continues to express confidence in its arrangement with the New York Fed. In a response to Bild, a spokesperson referred to comments made earlier this year by Bundesbank President Joachim Nagel, saying, “We have (…) absolutely no doubt that with the Fed in New York we have a trustworthy, reliable partner in the storage of our gold reserves.”