Germany Urged to Repatriate Gold Held in the US Over Policy Risks

Germany should consider bringing home a large portion of its gold reserves currently stored in the United States due to growing geopolitical uncertainty and concerns over US policy direction, a senior European lawmaker has said.

Marie-Agnes Strack-Zimmermann, chair of the European Parliament’s Committee on Security and Defence, called for the repatriation of Germany’s gold holdings kept in the United States, arguing that the political environment has fundamentally changed.

According to Strack-Zimmermann, around 37% of Germany’s total gold reserves — more than 1,230 tonnes — are currently held in the vaults of the US Federal Reserve in New York.

“In times of growing geopolitical uncertainty and the unpredictability of President Donald Trump’s policies, there is no longer a sufficient justification for storing such a large share of Germany’s gold abroad,” she said in comments to German media.

Cold War Logic No Longer Applies

Strack-Zimmermann noted that holding gold reserves overseas was understandable during the Cold War, when security and strategic considerations made foreign storage practical. However, she argued that today’s geopolitical landscape is fundamentally different.

“Blind trust in the reliability of transatlantic partners cannot replace economic sovereignty and security policy independence,” she said.

Call for a Repatriation Plan

The lawmaker urged the German government to swiftly develop a concrete plan for returning the gold reserves to Germany. She also called for a detailed assessment of the political and legal risks associated with keeping national reserves abroad.

She added that the Bundestag should hold a special session to debate the future of Germany’s gold reserves and the guarantees required to ensure long-term economic independence.

Growing Debate in Germany

The proposal adds momentum to an ongoing debate within Germany over the location of its gold holdings. Earlier, a former head of research at the Bundesbank also suggested that the central bank should examine the option of repatriating gold stored overseas.

Germany holds the world’s second-largest national gold reserves, making the issue particularly sensitive amid heightened global political and financial uncertainty.