A discussion has been going on in Germany about the possible return of part of the national gold reserve from the US due to concerns over Donald Trump's policies.
This is reported by the portal of the publication The Telegraph.
For decades, about 1,200 tons of German gold - the second largest reserve in the world after the US - has been stored at the Federal Reserve System in New York. However, the issue of its return to Germany is increasingly being raised in the Christian Democratic Union, which has a chance of leading the new government.
Former government minister Marco Wanderwitz, who has repeatedly called for checks on the reserve or for the gold to be fully repatriated, said: "Of course, this question has arisen again." In 2012, his request for an audit of the gold reserve in the US was rejected.
Markus Ferber, a CDU member of the European Parliament, supports the idea. He stressed the need for regular inspections and documentation of the condition of the bars: "Representatives of the Bundesbank must be able to personally inspect and record our gold reserves."
Tensions have increased since Donald Trump announced new tariffs on EU goods this week. This has raised further doubts about the stability of the partnership with the United States.
According to data, about 30% of Germany's gold reserves are currently in New York. Its estimated value is EUR 113 billion. Another half of the reserves are stored in Frankfurt, and about 13% in London.
After World War II, Germany accumulated gold thanks to export surpluses, exchanging dollars for gold within the Bretton Woods system. Previously, storing part of the reserves in the United States was considered advisable - in the event of a crisis, gold could be quickly exchanged for US dollars, the world's main reserve currency.
However, Michael Jaeger, a representative of the European Taxpayers' Association, believes that the gold should be returned to Europe as soon as possible.
When asked by journalists, the Bundesbank stated that they had no doubts about the reliability of the US Federal Reserve as a partner.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.