German Officials Push to Reclaim Gold from US Reserves

There is growing debate in Germany over the country’s gold reserves stored in the United States, as some officials push for more transparency and control.

Germany currently holds more than $109 billion worth of gold at the New York Federal Reserve, but rising geopolitical tensions are prompting calls to reassess this arrangement.

Michael Jäger, from the European Taxpayers’ Association, is at the forefront of the movement, urging the German government to immediately repatriate its gold.

Jäger argues that with global power dynamics shifting and discussions about new debt in Berlin and Brussels, it is vital to secure direct access to the reserves. He emphasizes that, at the very least, Germany should be able to physically inspect the gold bars stored abroad.

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Adding to the call for action, Markus Ferber, a member of the European Parliament, insists on regular checks to verify the reserves. He believes that Bundesbank officials should personally count and document the gold bars to ensure their accuracy and safety.

Similarly, Marco Wanderwitz from the CDU party echoes this sentiment, advocating for either frequent inspections or a complete repatriation of the gold.

The discussion has gained further momentum following comments from tech billionaire Elon Musk, who recently proposed that an audit of Fort Knox be livestreamed. Fort Knox, which holds a significant portion of the US gold reserves, has not undergone an audit since 1974, raising questions about transparency.

Despite these concerns, Germany’s Bundesbank remains confident in the current arrangement. A spokesperson for the Bundesbank recently reiterated President Joachim Nagel’s stance, affirming the institution’s trust in the New York Federal Reserve as a reliable custodian for Germany’s gold.

Alexander Stefanov