The head of Germany’s central bank sees no reason for German gold reserves to be withdrawn from the United States Federal Reserve.
“I have no doubt that our gold is safely stored at the Federal Reserve in New York,” Bundesbank President Joachim Nagel told the Frankfurter Allgemeine Zeitung on Wednesday.
US President Donald Trump’s stance towards European countries in the Greenland dispute has sparked a debate over whether German reserves are safe in New York.
And the chairwoman of the European Parliament’s defense committee, Marie-Agnes Strack-Zimmermann, recently called on the German government to return the gold.
“At a time of growing global uncertainty and under President Trump’s unpredictable policy in the US, it is no longer acceptable that around 37% of Germany’s gold reserves, more than 1,230 tonnes, are stored in the vaults of the Federal Reserve in New York,” she told Spiegel magazine.
Germany has the second-largest gold reserves in the world after the US, amounting to around 3,352 metric tons at the end of 2024.
According to the Bundesbank, more than half is stored in the central bank’s vaults in Frankfurt, while the rest is divided between the Federal Reserve and the Bank of England in London.
Nagel noted that the Bundesbank regularly reviews the storage of gold reserves, noting that 300 tons were transferred back to Frankfurt from New York 10 years ago. /Telegraph