(C) Discovery Alert
BERLIN — The bedrock of the transatlantic alliance is facing a new, shimmering tremor. As diplomatic relations between Washington and Berlin reach a historic low under the assertive maneuvers of U.S. President Donald Trump, a growing chorus of German economic experts and politicians is demanding the immediate repatriation of the nation’s gold reserves currently held in the United States.
According to a report by The Guardian on January 24, the movement to "bring back the gold" from the subterranean vaults of the Federal Reserve Bank of New York has shifted from a fringe sentiment to a mainstream political debate.
The Strategic Risk of Dependence
Germany stands as the world’s second-largest holder of gold, trailing only the United States. Currently, approximately 1,200 tons of German gold—representing 37% of its total reserves and valued at roughly $210 billion (282 trillion KRW)—is stored beneath the streets of Manhattan.
Historically, this arrangement was a vestige of the Cold War, intended to keep German assets safe from potential Soviet seizure. However, in 2026, the perceived threat has shifted from the East to the West.
"Given the current geopolitical landscape, maintaining such a massive portion of our wealth in the United States appears increasingly precarious," stated Emanuel Moernhi, an economist and former director of the Research Department at the Bundesbank. "To bolster our strategic independence from Washington, it is not only advisable but necessary to consider a full repatriation of our gold."
The "Unpredictability" Factor
The primary catalyst for this urgency is President Trump’s recent foreign policy provocations, including renewed rhetoric regarding Greenland and aggressive trade stances toward European allies.
Michael Jaeger, Secretary General of the Taxpayers Association of Europe, has been one of the most vocal critics of the status quo. In a formal letter to the German Finance Ministry and the Bundesbank, Jaeger argued that the U.S. is no longer a guaranteed "safe haven."
"Trump is fundamentally unpredictable; he is a figure who will do anything to generate profit or leverage," Jaeger asserted. "This is why our gold is no longer safe in the Fed’s vaults. If provocations—such as the Greenland issue—continue to escalate, there is a legitimate risk that the German central bank could find its access to these assets restricted or used as a bargaining chip."
Political Shifts in Berlin
While the German government officially maintains a cautious stance, stating that no immediate repatriation plans are underway, the political winds are shifting. The Christian Democratic Union (CDU), led by Chancellor Merz, is reportedly seeing an internal surge of support for the gold’s return.
Even within the traditionally conservative ranks, the "America First" policy is being met with a "Germany First" approach to sovereign wealth. Analysts suggest that if the U.S. continues to apply pressure on European allies regarding defense spending and trade tariffs, the gold reserves may become the ultimate symbol of Germany's desire for autonomy.
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