Germany may look to repatriate the vast amount of gold it currently stores in New York amid concerns over US President Donald Trump’s unpredictable tariff policies, the Telegraph reported on Friday.
Currently, Germany has the world’s second-largest gold reserves at about 3,350 tonnes, behind only the US and its 8,100 tonnes.
Germany’s appetite for gold has been well documented due to its turbulent history.
By the 1960s, Germany had become one of the world’s largest gold holders, with much of its reserves stored abroad — in New York, London and Paris — to ensure accessibility in case of conflict.
Behind the decision to store that gold aboard is the amount of trust it had built with its Western allies, particularly the US.
The New York Fed, as the world’s largest gold custodian, stores about 6,300 tonnes of gold on behalf of more than 30 foreign central banks.
In addition to Germany, other prominent European economies storing their gold with the New York Fed include Italy and Switzerland. »
