‘Repatriate the gold’: German economists advise withdrawal from US vaults

January 24, 2026

TL;DR

Germany holds approximately €164bn worth of gold (1,236 tonnes) in US vaults.
Economists like Emanuel Mönch and Michael Jäger are calling for the repatriation of German gold from the US due to geopolitical risks and Trump's unpredictability.
The issue, previously a focus for the far-right AfD, is increasingly entering mainstream political discourse.
The German government has stated that withdrawing gold reserves is not currently under consideration.
Clemens Fuest, president of the Ifo Institute, warns against repatriation, suggesting it could exacerbate current tensions.
Germany's total gold reserves are worth nearly €450bn, with just over half held domestically at the Bundesbank.
Bundesbank president Joachim Nagel has previously stated there is no cause for concern regarding German gold held in the US.
Some politicians argue that holding gold in New York is logical due to the close financial ties between Germany, Europe, and the US.
Others, like economics professor Ulrike Neyer, believe the US is no longer a reliable partner due to the Trump administration.

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