Protecting Public Wealth: Taxpayer Advocate Demands Return of German Bullion

The European Taxpayers Association has joined the intensifying debate over Germany’s overseas gold, arguing that the security of public assets must be the government’s highest priority. Michael Jäger, the association’s head, has expressed deep concern that the shifting political winds in Washington could jeopardize Germany’s access to its own wealth. For Jäger, this isn’t just a matter of central bank policy; it is about safeguarding the fruit of German labor.
Currently, over €164 billion in gold bars is sitting in the Federal Reserve vaults in New York. This massive sum represents 37% of Germany’s total gold reserves, which are valued at nearly €450 billion. The sheer scale of this overseas deposit is now being viewed as a liability by those who believe that domestic control is the only true form of financial security.
Economist Emanuel Mönch supports this view, highlighting that the current geopolitical climate is far riskier than the era in which these storage agreements were formed. He suggests that the Bundesbank must prioritize strategic independence over the convenience of international storage. Repatriation, in his view, is the logical evolution of Germany’s modern monetary strategy.
The fear among advocates is that the U.S. could use these reserves as leverage in future trade or diplomatic negotiations. While such a scenario was once considered a conspiracy theory, it has now entered mainstream economic discourse. Critics of the status quo argue that the best way to avoid being “pawned” in a geopolitical game is to bring the pieces home.
Government officials under Friedrich Merz have acknowledged the debate but remain hesitant to take immediate action. They argue that the reserves are safe, regularly audited, and that the current diversification strategy is robust. However, as public pressure builds, the administration may find it increasingly difficult to justify leaving billions in a foreign vault.