Germany is considering removing a significant stockpile of gold from a vault in New York due to concerns about the unpredictable policies of the US President Donald Trump.
This is reported by The Telegraph, citing the German newspaper Bild.
For decades, Berlin has stored 1 200 tons of its gold reserve, the second largest on the planet after the US, in a vault deep underground at the US Federal Reserve in Manhattan.
Now, senior officials in the conservative Christian Democratic Union (CDU), which is set to lead the next German government, are discussing the possibility of moving it from New York due to concerns that Washington is no longer a reliable partner.
“Of course, this question has come up again,” Marco Vanderwitz, a former German government minister, told reporters.
Vanderwitz has long advocated for a policy that would allow German officials to regularly inspect gold, or for it to be confiscated entirely. He previously lobbied for the ability to visit gold reserves and personally inspect them, but his request was rejected in 2012.
Germanyʼs wealth was built after World War II, when exports rose sharply, leading to a large trade surplus with other countries. These surpluses were converted into gold under the Bretton Woods system.
Bild asked the Bundesbank for comment on the proposal to move gold to Frankfurt, where almost half of Germanyʼs gold and foreign exchange reserves are held. Another 13% of gold and foreign exchange reserves are held in London.
The Bundesbank said it "has no doubt that in the US Federal Reserve System in New York we have a reliable partner for the storage of our gold and foreign exchange reserves".
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