Germany is sitting on a gold fortune worth nearly €440 billion, and a growing number of economists and politicians argue it is time to put some of that wealth to use. The Bundesbank holds 3,350 tonnes of gold, second only to the United States. With the precious metal recently surpassing $4,700 (€4,140) per troy ounce, the reserves have reached a historic valuation.
Marcel Fratzscher, president of the German Institute for Economic Research (DIW), calls the stockpile a “huge piggy bank for crises.” Speaking to t-online, he suggested that selling a portion could fund relief for households and businesses, or be channelled into education and infrastructure. The proposal comes as consumer prices continue to climb: the Motorists' Index, which tracks driving-related goods and services, rose 6.7% in March 2026 compared to a year earlier, according to the Federal Statistical Office.
Where Germany's Gold Is Stored
Not all of Germany's gold sits in Frankfurt. Around 1,236 tonnes — roughly a third of the total — are held at the Federal Reserve in New York, with a further 404 tonnes in London. All of it remains under Bundesbank management. The arrangement dates back to the post-war Bretton Woods system, when Germany converted large trade surpluses into gold. After that system collapsed in the early 1970s, the gold stayed abroad.
The Bundesbank repatriated 374 tonnes from the Banque de France in Paris in 2017, citing the shared euro as the reason. But the bulk of its foreign reserves remains in New York, a fact that has sparked a growing political debate.
Michael Jäger, vice president of the German Taxpayers' Association (BdSt) and president of the European Taxpayers Association, told Euronews that confidence in the United States had “suffered greatly with Trump's policies,” making it “high time” to bring the reserves back. In March 2026, the far-right Alternative for Germany (AfD) tabled a motion in the Bundestag calling for full repatriation. The party went further, suggesting the gold could back a possible future national currency — a thinly veiled reference to abandoning the euro.
The proposal drew swift mockery from other parties. CSU MP Mechthilde Wittmann dismissed it as a “comic motion,” warning against handling the reserves “with alarmism, with buzzwords, with ideological bling-bling.” Philipp Rottwilm of the SPD defended keeping gold in New York, arguing the arrangement offered flexibility. Sebastian Schäfer of the Greens called the AfD's push a “sham debate,” insisting the gold was “safe in the vaults of the Federal Reserve Bank in New York City.” Doris Achelwilm of the Left Party took a different tack, questioning — as Fratzscher does — whether some of the reserve could be sold outright. The motion has been referred to the Finance Committee.
The Bundesbank has consistently resisted calls to sell its gold, viewing the reserves as a long-term anchor for confidence in the currency. It has also repeatedly reaffirmed its trust in the Federal Reserve as a custodian. For Fratzscher, breaking that taboo need not mean recklessness.
Germany's economic challenges are not isolated. The country has been grappling with sluggish growth and structural issues, as discussed in the debate Is Germany the Sick Man of Europe Again? Meanwhile, the broader European context includes shifts in prosperity rankings, with a new index pushing France and Germany out of the top ten. Any decision on the gold reserves would have implications for Germany's fiscal position and its role within the eurozone.
