Bundesbank boss considers German gold reserves in New York to be “safe” | EUROtoday

Despite rising criticism of the US alliance accomplice, Bundesbank chief Joachim Nagel sees no cause to withdraw the German gold reserves saved there. “I have no doubt that our gold is safely stored at the Fed in New York,” Nagel informed the “Frankfurter Allgemeine Zeitung” in Wednesday’s version. “These are our currency reserves with special protection status.” The Bundesbank recurrently seems to be on the storage idea. Nagel identified that inside this framework it was determined ten years in the past to carry 300 tons of gold from New York to Frankfurt.

The battle began by the USA over the way forward for Greenland has triggered a debate about the way to take care of German gold reserves within the United States. “The USA is currently not a reliable partner of the EU,” mentioned the President of the Center for European Economic Research (ZEW), Achim Wambach, to the Reuters information company. Dependencies on the USA must be reassessed in opposition to this background. “This also includes an analysis of the dependencies that arise from the storage of German gold stocks in the United States.”

The withdrawal of German gold reserves from the USA is at the moment not a difficulty for the federal authorities, mentioned authorities spokesman Stefan Kornelius not too long ago in Berlin. Ifo President Clemens Fuest warned in opposition to a hasty repatriation of German gold reserves from the United States within the present scenario. “That would only add fuel to the fire in the current situation, we should refrain from doing that,” he informed Reuters. “This should be approached in a situation where there is no acute conflict.”

At 3,352 tons, the Bundesbank has the second largest gold treasure on the earth after the USA (as of the top of 2024). Its worth was greater than 270 billion euros on the finish of 2024. At the considerably increased present gold worth, the inventory would have a market worth of greater than 450 billion euros. ‍Around ⁠37 % of Germany’s gold holdings are saved within the high-security vaults of the Federal Reserve Bank in New York.