Is Germany’s Gold Safe in America? Trump’s Presidency Revives Old Fears

Germany stores one-third of its 3,352-tonne gold reserves—the world’s second-largest—at the Federal Reserve Bank of New York, a Cold War-era arrangement. Trump’s return to the White House and his confrontational approach to allies and the Fed have sparked German concerns about their gold’s safety in U.S. custody.

Key developments include the German Taxpayers Federation formally requesting gold repatriation, citing Trump’s desire to control the Fed. European Parliament member Markus Ferber warned that Trump might develop “creative ideas” about foreign gold reserves. This debate, once limited to fringe groups, has now reached mainstream German media.

The Bundesbank insists the New York Fed remains a “trustworthy partner,” but the situation is complex. Germany already retrieved 300 tonnes between 2014-2017, yet Russia’s invasion of Ukraine makes keeping gold distant from potential threats strategically important. Officials now debate whether to repatriate more gold or simply diversify storage locations.