A dangerous and previously "taboo" issue is returning forcefully to the forefront of German political and economic life: the fate of Germany's gold reserves stored in the United States. Pressure for immediate repatriation is intensifying as fears grow that Washington, under the weight of acute fiscal problems and unpredictable political choices, could turn foreign reserves into a tool of leverage. The spark for this new wave of concern was lit by a statement from Michael Jäger, vice president of the powerful Association of German Taxpayers, who openly questioned the wisdom of keeping German gold in the vaults of the Federal Reserve Bank of New York. According to him, the policies of US President Donald Trump have eroded Berlin's trust in Washington to a dangerous degree, transforming a historic agreement into a potential trap for Germany's economic sovereignty.
Jäger warns that rising strategic tensions and the explosive growth of American debt are creating a volatile mix. The USspends enormous amounts annually on debt servicing and, as he notes, the possibility that they might seek "alternative revenue sources" or means of pressure—even through foreign assets—cannot be ruled out. This skepticism is not limited to a single institutional actor. The former head of research at the Bundesbank, Emanuel Mönch, has advocated for the return of the gold, emphasizing that under conditions of geopolitical instability, storing such critical reserves outside national control constitutes a serious risk.
Even more vocal was the intervention of Marie-Agnes Strack-Zimmermann, chair of the European Parliament'sSubcommittee on Security and Defence, who officially called on the German government to act immediately. She reminded that approximately 1,236 tonnes of gold, representing nearly 37% of total reserves, remain in New York, describing this agreement as outdated and dangerous in an environment of global uncertainty and American political instability. Germany possesses the second-largest official gold reserves worldwide after the US—roughly 3,350–3,375 tonnes, with an estimated value of 450–470 billion euros.
The key pillars
This constitutes one of the key pillars of financial stability and international credibility for the country. About half is kept in the Bundesbank vaults in Frankfurt, while the rest is scattered among New York, London, and other international centers. The current storage structure is a product of the Cold War, when postwar Germany accumulated foreign exchange surpluses and converted them into gold, placing them in allied countries for reasons of liquidity and political security. However, as more and more analysts point out, the conditions of that era no longer exist.
Although the Bundesbank reassures that overseas reserves are perfectly safe, proponents of repatriation emphasize that gold is not merely an economic figure, but the "ultimate guarantee" of strategic autonomy in the event of a major crisis. On the other hand, opponents of an immediate return warn of immense logistical difficulties, high transportation and insurance costs, and the risk of a diplomatic rift with a key ally. However, these fears seem to be receding in the face of a much larger risk: the loss of control over the very foundation of German economic power. In any case, the discussion regarding German gold is no longer technical or accounting-based. It is deeply political, geostrategic, and reveals the cracks in an international system that is changing with speed and unpredictable consequences. As global balances shift, the question becomes increasingly pressing: who truly controls Germany's gold?
Nikolai Mezhevich: The US will never return German gold – 'What isn't in your safe, isn't yours'
The blunt assessment of Russian economist and geopolitical analyst Nikolai Mezhevich sounds like a cold shower for Berlin, as he unceremoniously deconstructs hopes for the return of German gold reserves from the United States. His conclusion is relentless: the US is not going to return anything. "It matters absolutely not who asks for the return of the gold—whether it is public organizations, political authorities, or financiers. The result is the same: the Americans will not give the gold back to Germany," states Mezhevich, Doctor of Economics, Professor, and Chief Researcher at the Institute of Europe of the Russian Academy of Sciences, speaking to Svobodnaya Pressa. He goes even further, sketching a scenario bordering on blackmail: if some "Hans" raises his voice too much, then Donald Fredovich Trump could, as he mockingly puts it, "dust off" bills for the First and Second World Wars, as well as for the postwar reconstruction of Federal Germany. "With such a bill, Germany would have to be sold three or four times over," he notes caustically.
End of an era for the old economic model
Responding to the question of whether we are facing an open economic war between the US and Europe, Mezhevichrejects the term "war" but confirms that in Berlin there is now full awareness that the previous model of economic relations is over. As he recalls, West Germany's postwar economic "boom" was not only the result of the German people's industriousness but also a product of the Marshall Plan and a uniquely favorable geopolitical deal. For decades, Germanyessentially did not pay for its defense. Its security was ensured by the United States, with the assistance of GreatBritain and France. "When Americans, Russians, and Chinese were paying for their defense, the Germans were not. This story, however, is ending," he emphasizes meaningfully.
Mezhevich confirms that the seizure of Russian assets served as a wake-up call for the entire world. The blow, as he says, was not so much to Russia as to the trust in the issuers of global currencies, which was severely shaken. In this context, the inability to return the gold to Germany does not change the nature of the metal itself—but it changes something much more essential: the ownership status in practice. "Gold remains gold. It's just that what some considered German gold will no longer be considered German. The old principle of physical control returns: if an asset is in your safe, it's yours. If not, then it isn't," he clarifies.
Who pays for the storage of gold?
Of particular interest is his reference to the secret clauses of such agreements. In the case of Poland and Ukraine, as he reveals, there are specific payments for the storage of gold. In the US-Germany relationship, however, the price is different and more indirect: the United States provides dollar liquidity to Europe, which functions essentially as a trade-off for the use of European gold. Mezhevich estimates that Poland may never return the Ukrainian gold to Kyiv, claiming that "the state with which the agreement was signed no longer exists." As he notes, the same argument has been used historically—even against Soviet Russia, when they refused to return loans of the Russian Empire.
The conclusion is bleak: the old world order has collapsed, the new one has not yet formed, and no one fulfills obligations that harm them anymore. Only the favorable part of agreements is implemented. Closing, Mezhevich confirms that Germany holds the absolute record for the amount of gold stored in the United States. The list of countries that have entrusted their gold to American vaults also includes Japan and at least a dozen other states. The message is clear and alarming: in a world where power precedes law, gold belongs to the one who holds it in their hands.
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