‘Repatriate the gold’: German economists advise withdrawal from US vaults

The Guardian - World NewsCenter-LeftEN 3 min read 100% complete by Kate Connolly in BerlinJanuary 24, 2026 at 09:00 AM

AI Summary

medium article 3 min

Several German economists are advising Germany to repatriate its gold reserves, worth approximately €164 billion, currently stored in US vaults. The call is driven by concerns over the unpredictability of US policy under the current administration and a desire for greater strategic independence. Experts cite the risk of the US potentially restricting access to the gold, referencing geopolitical tensions and revenue-generating motivations. While the German government has stated that withdrawal is not currently under consideration, the idea has gained traction beyond the far-right, with some opposition politicians also expressing support for relocating the gold for stability and trust. The debate centers on the safety and accessibility of Germany's gold reserves given the evolving transatlantic relationship.

Key Entities & Roles

Key Player Opposition Context

New York 30% Friedrich Merz 40% European Taxpayers Association 40% Alternative für Deutschland 40% Katharina Beck 40% Stefan Kornelius 50% Michael Jäger ×360% Emanuel Mönch ×270% Bundesbank ×470% Donald Trump ×270% United States ×680% Germany ×790%

Keywords

gold repatriation 100% german gold reserves 90% us vaults 80% strategic independence 70% bundesbank 60% geopolitical risk 60% transatlantic relations 50% donald trump 50% economic policy 40%