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Concerns about Trump renew fears for Germany's gold in New York
By Francesco Canepa, Maria Martinez, and John O'Donnell
Reuters
Friday, May 30, 2025
The safety of Germany's gold reserves held overseas and in New York in particular, until recently mainly a talking point for the country's far-right party and gold bugs, is becoming a matter of public debate with Donald Trump back in the White House.
The Bundesbank, Germany's central bank, has the world's second largest stock of gold at 3,352 tonnes. One-third of it is stored at the Federal Reserve Bank of New York for reasons dating back to the Cold War and the monetary system created in the wake of World War II.
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Those holdings have occasionally attracted scrutiny in the past, and the right-wing Alternative for Germany has embraced calls for a return of the country's gold back home.
U.S. President Donald Trump's confrontations with longstanding allies over trade and security, and his attacks on the Fed, have revived the issue in recent weeks and more mainstream voices have joined the debate.
Germany's Taxpayers Federation sent letters this week to the Bundesbank and the Finance Ministry calling on them to repatriate the gold stored in the United States.
"Trump wants to control the Fed, which would also mean controlling the German gold reserves in the U.S.," Michael Jaeger, the Taxpayers Federation's vice president, told Reuters. "It's our money. It should be brought back." ...
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