Securing the Future: Why Economists Want German Gold Back on Home Soil

The conversation surrounding Germany’s gold reserves is shifting from “how much” to “where.” As the world enters a period of heightened uncertainty, the location of these reserves is being viewed as a matter of national security. The push to bring the gold back to Frankfurt is gaining steam among those who believe Germany must prepare for a more volatile future.
With a total value of €450 billion, Germany’s gold is a vital pillar of its economic strength. The fact that €164 billion of this is stored in New York is becoming a point of contention for those who advocate for greater strategic autonomy. They argue that in an era of “America First” policies, relying on foreign vaults is a gamble.
Emanuel Mönch has been a key figure in this movement, arguing that physical possession is the only way to guarantee access to wealth during a global crisis. He suggests that the logistical effort of moving 1,236 tonnes of gold is a small price to pay for the peace of mind that comes with domestic storage. For Mönch, it is a matter of common-sense risk management.
The debate has been fueled by the perception that the international rule of law is becoming less predictable. Financial experts warn that the traditional guarantees of the past may not hold in the future. This has led to a mainstreaming of the idea that Germany needs to be more self-reliant when it comes to its most precious assets.
However, the German government remains cautious. They continue to highlight the benefits of international diversification and the rigorous auditing processes already in place. While the public and various experts continue to push for repatriation, the official stance remains that the gold is safe, secure, and right where it needs to be.