Due to Donald Trump, the Bundesbank is pressed to bring home the gold stored in New York home

The safety of the German reserve of Germany, kept abroad and first of all in New York, and which until recently was a topic for the far right party and the investors who rely on the continuous growth of gold, has become a subject in public debate with Donald Trump's return to the White House, according to Agerpres.

The gold reserves of the central bank of Germany (Bundesbank) amount to 3,352 tonnes, which places them in the second place worldwide. One third of these reserves are stored at the Federal Reserve Bank of New York for reasons dating from the Cold War and the monetary system created after the Second World War.

In the past, these reserves have benefited only occasionally. However, the confrontations between President Donald Trump with the traditional US allies on commercial and security topics, as well as Trump's attacks on the federal reserve, have brought back the subject of gold reserves in recent weeks and more and more voices have joined the debate.

The Federation of German taxpayers sent letters to the Bundesbank and the Ministry of Finance this week, in which they ask them to repatriate the gold stored in the US. “Trump wants to control the FED (Federal reserve system of the United States of America n. Red.), And which also means control over the US gold reserves in the US. It is our money, they should be brought home,” said the vice -president of the German taxpayers, Michael Jaeger.

For his part, Markus Ferber, an influential representative of the CDU in the European Parliament says that “the US is no longer the trusted partner.”

“Trump is chaotic and it is not excluded that one day comes with original ideas on how the gold reserves of other states should be treated. The Bundesbank policy on the gold reserve must reflect the new geopolitical realities,” said Markus Ferber.

For their part, the public television stations ZDF and ARD recently broadcast reports in which they asked the question of Germany's gold stored in New York.

Bundesbank reaction

In reply, the Bundesbank says that the New York branch of Fed remains “an important storage center” for its gold. “We have no doubt that we have a trusted partner in New York Fed for storing our gold reserves,” Germany central bank said.

Any allusion that Germany could consider a movement of New York gold would be a political sensitive, because it could be interpreted as a lack of confidence in its federal reserve and independence.

The European Central Bank emphasized last week that he sees a trusted partner in the Fed. But Trump's frequent criticisms of Fed President Jerome Powell, whose mandate ends over a year, has fueled some concerns about future FED's and long -term commitments to his partners.

Germany has accumulated most of its gold in the boom period of exports from 1950-1960. An important advantage of gold storage in New York during the Cold War was the one to keep him away from Russia, in the event of an invasion.

With the disappearance of the USSR, the Bundesbank brought home 300 tons from New York between 2014 and 2017, saying he wants to “increase trust at home.”

But the Russian invasion of Ukraine, and the implicit threat that it represents for the rest of Europe, it is possible to complicate Germany's geopolitical calculations.

In Ferber's opinion, this brought to light the need for greater diversification, between several, and possibly, locations. Currently, Germany's gold reserves are kept at the Bundesbank headquarters in Frankfurt, New York and the Bank of England in London. “In the case of gold reserves, diversification is crucial. Holding all eggs in a few baskets is never advisable,” said Ferber, without saying where gold should be kept.

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