Dialogos

Germany Considers Repatriating Gold Reserves from US Due to Trump

Published January 23, 2026, 17:03
Germany Considers Repatriating Gold Reserves from US Due to Trump

German experts are suggesting the return of Germany's gold reserves from the US, due to the uncertainty caused by the policies of American President Donald Trump. Former head of the research department of the Bundesbank, Emmanuel Mench, believes that keeping large quantities of gold in the US is risky under current geopolitical conditions and calls on the federal bank to consider repatriating the reserves. Germany holds the second-largest gold reserve in the world, with approximately 3,350 tons, of which 1,236 tons are located in New York. The Green Party's economic spokesperson, Katarina Beck, agrees that the reserves should not be involved in geopolitical conflicts. However, Bundesbank President Joachim Nagel and CDU economic spokesperson Fitz Gindzel believe that keeping the gold in the US is a logical choice. This discussion highlights the concerns in Germany regarding the reliability of the US as a safe haven for gold reserves. The potential return of the gold reserves could have significant economic and political implications, for both Germany and the US, as it could affect confidence in the dollar and the position of gold as a safe haven.