Die Tageszeitung is among the 15 largest newspapers in Germany.
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By Wolfgang Mulke
Die Tageszeitung, Berlin
Saturday, January 24, 2026
https://taz.de/Deutsches-Gold-in-den-USA/!6147790/ [1]
A discussion is underway regarding Germany's gold reserves. Even if the Bundesbank, as the entity responsible for the national treasury, doesn't want to hear it, at least a significant portion should be withdrawn from the United States.
This is dictated by the realization that the U.S. administration no longer fundamentally adheres to applicable law or existing agreements. Furthermore, President Donald Trump is undermining the independence of the Federal Reserve, in whose custody the gold is stored.
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This means that Germany's assets, worth approximately E160 billion, could potentially be used as leverage against Germany. This risk exists and can be avoided by repatriating the gold.
Panic is not warranted, but sending a message is. The mere intention of such an action would signal a significant loss of confidence in American financial policy and demonstrate its vulnerability to former partners. Until now, only the financial markets have been able to restrain the president. He depends on their trust.
Moving the gold would not have practical consequences, such as those expected from selling U.S. bonds.
One argument for storing assets in international financial centers is the ability to intervene immediately on-site in the event of market disruptions -- for example, to counter currency turmoil. However, given today's digitized trading systems, which are available around the clock anywhere in the world, this should also be possible through other means.
At the very least the Bundesbank should explain in concrete terms what advantages the vaults in New York still offer today.
Repatriation would not only send a strong signal externally that a lack of trust could prove costly for the U.S. itself. It would also send an important signal internally. Across the country, the impression of a helpless, ever-compromising Europe and Germany is growing stronger. A little less dependence on decisions made across the Atlantic would be beneficial.
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