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Former Bundesbank research chief calls for repatriating Germany's gold
By James Jackson
The Telegraph, London
Sunday, January 25, 2026
Germany has been urged to withdraw gold worth more than L100 billion from American vaults because Donald Trump's unpredictability has made keeping it there too "risky."
The country stores 1,236 tons of gold, roughly the same weight as three Air Force 1 jets, at the U.S. Federal Reserve in New York, worth around E164 billion (E122 billion).
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Economists and politicians warned that this vast wealth was exposed to the whim of an increasingly erratic U.S. president, who this month alone threatened Europe with crippling sanctions over Greenland, captured the president of Venezuela, and was poised to launch air strikes on Iran.
Emanuel Monch, the former head of research at the Bundesbank, Germany's central bank, told Handelsblatt, the financial newspaper: "Given the current geopolitical situation, it seems risky to store so much gold in the U.S.
"In the interest of greater strategic independence from the U.S., the Bundesbank would therefore be well advised to consider repatriating the gold."
Germany keeps more than a third of its total gold reserve of 3,552 tons in New York, the second-largest reserve in the world behind the 8,130 tons stored by the U.S.
Achim Wambach, the president of the Liebniz Centre for European Economic Research, said that America was "not a reliable partner of the European Union" and so the "dependencies arising from the storage of German gold reserves" must be reassessed. ...
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