Concerns have appeared in German media that Germany's gold reserves, stored in the vaults of the American Federal Reserve Bank (FED) in New York, could be confiscated by Donald Trump. While this sounds absurd, many Germans hold such deeply negative views of the American president that they genuinely believe Germany's gold is at risk in the US.

"In March, the German Taxpayers' Association and several CDU politicians demanded for the first time that the Bundesbank minister responsible, Lars Klingbeil (SPD), repatriate the gold stored in the US, which is considered an emergency reserve, to Germany — or at least to Europe. Given the tensions in transatlantic relations, this step is absolutely necessary,"

reports the German tabloid Bild.

On the other hand, Bundesbank President Joachim Nagel made it clear in February of this year that repatriation of gold from the US would be unacceptable. The Bundesbank emphasized that it has full confidence in the Fed as a trustworthy partner. Regular inspections conducted by the Bundesbank in New York confirm that the gold is safe there; moreover, it was physically examined (weight, assay) and no irregularities were found.

As early as 2013–2017, the Bundesbank brought back to Frankfurt approximately 674 tons of gold from New York (300 tons) and Paris (374 tons) — three years ahead of schedule. The goal was to store at least half of reserves in Germany, which was achieved.

The Netherlands also repatriated its gold reserves from the US in 2014, demonstrating that retrieval is technically feasible. France stores its gold reserves exclusively domestically, which is used as an argument by advocates of repatriation.

Poland, meanwhile, has significantly increased its gold reserves in recent years. According to the National Bank of Poland (NBP), Poland's gold reserves currently stand at 509 tons (as of May 2025), meaning Poland has surpassed the United Kingdom and the European Central Bank (ECB) and ranks 14th among the world's gold holders. Approximately 250 tons (about 49 percent of total reserves) are stored in Poland itself, in NBP vaults in Warsaw and Poznań. The majority of the remaining reserves, approximately 259 tons (about 51 percent), are held in the Bank of England's vaults in London. There are indications that a small portion of Polish gold may also be stored at the American Federal Reserve.

[Aleksandra Fedorska is a journalist for Tysol.pl and numerous Polish and German media outlets]