The world is changing at a rapid pace, and Germany is being forced to adapt its financial strategies to keep up. One of the most significant changes under consideration is the future of the nation’s gold reserves in the United States. As geopolitical shifts redefine the global order, the wisdom of keeping €164 billion in gold in New York is being questioned like never before.
Germany holds the world’s second-largest gold reserves, valued at nearly €450 billion. For years, the distribution of these assets across the globe was seen as a sign of a stable and interconnected world. But in 2026, with rising nationalism and trade tensions, many experts are arguing that a more “home-centered” approach is necessary to protect German interests.
Emanuel Mönch has been a leading voice in this discussion, suggesting that Germany must prepare for a more fragmented world. He argues that in such an environment, having physical control over national wealth is a major strategic advantage. For Mönch, bringing the 1,236 tonnes of gold home is a logical step in adapting to a world in flux.
This perspective is gaining traction among those who believe that the era of “globalization” is being replaced by a more competitive and uncertain age. They argue that Germany must be more self-reliant and proactive in securing its own future. The gold in New York is seen as a prime example of a strategy that needs to be updated for a new world.
Despite these global shifts, the German government remains committed to its international partnerships. Officials argue that Germany’s strength comes from its engagement with the world and that the current gold storage model is a sign of that commitment. They maintain that the gold is safe and that moving it would be a premature and potentially damaging reaction to global changes.