Ending Dependence: Why Economists Say the U.S. is No Longer a Reliable Gold Vault

A growing number of German economists are reaching a startling conclusion: the United States can no longer be considered a “safe” custodian for Germany’s wealth. Leading this charge is Ulrike Neyer, a professor of economics, who suggests that recent shifts in U.S. policy have made it an unreliable partner. This assessment is driving the urgent calls for the repatriation of the €164 billion in gold currently held in New York.
The gold in question, roughly 1,236 tonnes, was originally moved to the U.S. for safekeeping during the post-war era. At that time, it was valued as both a financial reserve and a symbol of the close bond between the two nations. However, as that bond is tested by “America First” rhetoric, many in Berlin believe it is time to part ways with the New York Fed.
Emanuel Mönch has consistently argued that the risks of overseas storage now outweigh the benefits. He points out that if a diplomatic crisis were to arise, the physical location of the gold would dictate who truly controls it. For a country with the world’s second-largest reserves, such a dependency is increasingly seen as a strategic error.
The debate has shifted from the fringes of the AfD party into the heart of the German economic establishment. Financial analysts are now openly discussing scenarios where access to the New York vaults could be delayed or conditioned on political concessions. This “worst-case” thinking is now a standard part of the risk assessment for Germany’s €450 billion portfolio.
In response, the German government and the Bundesbank have issued statements aimed at calming the markets. They stress that the gold is audited regularly and that the relationship with the U.S. Federal Reserve remains based on mutual respect and legal contracts. Despite these assurances, the “Bring the Gold Home” movement shows no signs of slowing down.