A major realignment within the transatlantic financial relationship is taking shape as Germany moves toward bringing home a substantial portion of its gold reserves currently held in the United States. German lawmakers and influential groups, including the German Taxpayers Federation, are calling for the immediate repatriation of 1,120 tonnes of gold—about one-third of the country’s total reserves—stored at the Federal Reserve Bank of New York.
The push is being driven by mounting concern in Berlin over President Donald Trump’s increasingly unpredictable and confrontational policies. Critics point in particular to his recent threats to impose steep tariffs on European allies amid the Greenland dispute, arguing that such actions have eroded trust in Washington as a stable and dependable partner. Prominent figures, including European Parliament member Markus Ferber, have warned that the United States can no longer be assumed to act neutrally, raising fears that foreign-held gold reserves could be leveraged or “handled creatively” to serve U.S. political interests.
Although the Bundesbank has long maintained that the New York Federal Reserve remains a secure and reliable custodian, the broader geopolitical environment has shifted. Escalating trade conflicts, concerns over the growing “weaponization” of the U.S. dollar, and heightened strategic uncertainty have intensified calls to diversify reserve storage and ensure that Germany’s most critical financial assets are physically safeguarded on its own soil.