As transatlantic trade tensions escalate, Germany is reportedly becoming increasingly concerned about the security of its gold reserves stored in the United States. According to the German central bank (Bundesbank), nearly 1,200 tonnes of gold remain at the Federal Reserve Bank of New York, making up around 40% of Germany’s total reserves. While this arrangement dates back to the Cold War era, recent political developments have raised new questions about its long-term viability.

Germany’s anxiety comes as U.S.-EU relations have soured over a range of issues, from tariffs and digital taxes to NATO spending and energy policy. President Trump’s aggressive 2025 tariff agenda, aimed at enforcing “reciprocal trade,” has not spared Europe. Germany, as Europe’s largest exporter, finds itself particularly exposed.

This has revived a long-standing debate in Berlin: “Is Germany’s gold really safe in the U.S.?” While American officials have repeatedly assured Germany that its gold is well-guarded and retrievable at any time, past attempts to repatriate the reserves were marred by delays and a lack of transparency. A notable example occurred in 2013, when Germany began to bring some of its gold home but initially faced slow progress, fueling conspiracy theories and public unease.

Now, amid growing global de-dollarization trends, countries like China, Russia, and India are rapidly increasing gold holdings while reducing their exposure to U.S. assets. In Germany, this has reignited calls for greater monetary sovereignty, with politicians and financial analysts pushing for more of the country’s gold to be stored domestically.

Some members of the Bundestag have even proposed creating a joint EU gold storage facility, potentially in cooperation with France and the Netherlands, as a way to reduce reliance on U.S. financial infrastructure. However, critics warn such a move could risk diplomatic fallout with Washington and trigger retaliatory financial measures.

From a market perspective, Germany’s renewed concerns highlight the geopolitical dimensions of gold storage and reserve management. If more countries choose to repatriate gold or redistribute their holdings across new jurisdictions, it could affect global demand patterns, gold prices, and the role of the U.S. as the traditional custodian of world gold.

So far, Germany has not announced a new repatriation program, but discussions are reportedly gaining momentum. The fate of Germany’s 1,200 tonnes of gold in New York may soon become a key topic in broader EU financial sovereignty debates.