"Bring back our gold from the United States immediately!" This was prominently displayed as the headline in the German media Bild. Distrust in the Western world is intensifying.

According to data from the World Gold Council, Germany ranks second in the world for gold reserves, with a reserve of 3,375 tons, totaling 270,000 gold bars, each weighing 12.5 kilograms, just after the United States. Among these reserves, approximately 37% of Germany's gold, about 1,236 tons, have been entrusted to the United States and are stored at the Federal Reserve, valued at approximately 100 billion euros or 800.77 billion RMB.

The trigger may be related to the indiscriminate tariffs. Last week, Trump's tariff policy was announced, and the EU was not spared, facing a 20% comprehensive tariff from the United States.

According to Bild, more and more evidence points to a trade war, reigniting an already heated debate: shouldn't every single gold bar in Germany's gold reserves be kept in the vaults of the Bundesbank in Frankfurt? Senior figures in Germany's conservative party, who are set to lead the next government, have discussed withdrawing gold from New York because they fear Washington is no longer a reliable partner.

On April 7, 2025, both spot gold and COMEX gold briefly fell below $3,000 per ounce, before recovering somewhat. As of publication, spot gold is at $3,030 per ounce, which converts to 701.5 RMB per gram.

01 "Worried that Washington is no longer a reliable partner"

The urgent desire to bring gold back from the United States stems from uncertainty over whether Germany can still rely on the U.S. under Trump's leadership, especially given Trump's repeated expressions of wanting more control over the Federal Reserve.

In addition, there is controversy regarding the safety of the U.S. government's gold reserves. Trump and Musk have publicly questioned whether the U.S. gold reserves are still in their rightful place, Fort Knox, which is reportedly the most secure location in the world. However, after Musk mentioned in February that he would livestream an audit of Fort Knox, there has been no new information. This means that the U.S. government itself has not risked checking its own gold reserves.

Germany's wealth was acquired after World War II when exports surged, leading to significant trade surpluses with other countries, which were converted into gold under the Bretton Woods system. Former German Minister Marco Wendewitz previously lobbied to visit the U.S.-based gold reserves and personally inspect them, but his request was denied in 2012.

It is worth noting that this is not the first time Germany has had doubts about its gold reserves stored in the U.S. due to Trump's influence.

In 2017, shortly after Trump took office, Germany happened to transport 583 tons of gold from New York and Paris back home. At the time, Karl Ludwig, a member of the board of directors of the Bundesbank, stated in a press conference: "President Trump has not yet sparked discussions about the gold reserve facilities of the New York Fed," implying the concerns of central banks around the world, "What should we do if the new U.S. president wants to confiscate the reserves stored by various countries in the U.S.?"

According to CCTV News, this time Germany plans to withdraw 1,200 tons of gold, and some analysts pointed out that if Germany withdraws its gold reserves from the U.S., it will mean that the security and credibility of the Federal Reserve are being questioned, potentially triggering a chain reaction: as geopolitical tensions increase, more countries may withdraw their gold reserves stored in the U.S.

02 Will Other Countries Follow?

In public information, there is no precise official data on the total amount of gold stored by various countries in the U.S. According to previous reports from People's Daily, in 2013, the New York vault contained gold bars belonging to more than 80 central banks and international organizations, accounting for about 30% of the world's official gold reserves, and were stored in more than 120 storage rooms.

Countries store their gold in the U.S. because the Bretton Woods system established a mechanism linking the dollar to gold, making New York the global gold trading center. The high cost and risk of transporting gold make centralized storage conducive to international transactions and settlements. Additionally, the U.S. was previously considered a politically and economically stable country with well-developed financial infrastructure, making the risk of storing gold low.

However, in recent years, the U.S. has frequently adjusted its trade policies, increasing geopolitical risks, which may lead countries like Germany to consider withdrawing their gold to enhance crisis response capabilities and reduce dependence on the U.S.

A survey conducted by the World Gold Council in 2023 showed that after the U.S. and other Western countries froze nearly half of Russia's gold and foreign exchange reserves as "sanctions," 68% of the surveyed central banks said they planned to keep their national gold reserves within their own borders as a safe-haven asset or simply to "ensure security," compared to only 50% in the 2020 survey.

Currently, Germany is considering withdrawing 1,200 tons of its gold reserves stored in the U.S., and whether other countries will follow remains unknown.

However, looking back at historical situations, in January 2013, due to the Federal Reserve repeatedly refusing to allow the Bundesbank to inspect its reserve gold, citing "potential security risks and procedural issues," and with the eurozone debt crisis worsening, many Germans called for the return of Germany's gold reserves to the country. The "gold going home" campaign by the Bundesbank caused a stir, prompting several countries to follow suit. Coincidentally, in April of the same year, gold prices fell nearly 15% over two trading days, with one day seeing a 9.27% drop, marking the largest single-day decline in thirty years.

In 2014, Germany redeemed 120 tons of physical gold, the Netherlands secretly redeemed 122 tons, followed by Austria becoming the third European "core" country to redeem gold from the New York Fed. By 2019, including Turkey, Hungary, Belgium, France, Venezuela, Switzerland, Italy, and seven other countries, either partially or fully transported back or announced plans to transport back gold stored at the Federal Reserve or the Bank of England overseas.

Looking further back, from March 2007 to November 2008, foreign central banks withdrew a total of 409 tons of gold from the New York Fed over 21 months, with 20 of those months seeing withdrawals. Particularly during the collapse of Lehman Brothers, the amount of gold withdrawn reached a peak. September 2008, October when AIG was close to bankruptcy, and November when the Federal Reserve rescue plan was announced were all peaks of monthly gold redemptions.

Original source: https://www.toutiao.com/article/7490492068356162086/

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