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An expert has suggested that Germany could sell part of its gold reserves to raise funds aimed at easing households’ and firms’ cost pressures, as consumer prices continue to rise.
The Bundesbank holds 3,350 tonnes of gold, valued at about $440 billion, making it the world’s second-largest gold reserve after the United States. Marcel Fratzscher, president of the German Institute for Economic Research (DIW), described the reserves as a “piggy bank” that could be used to help the country prepare for crises.
Fratzscher said Germany should be ready to use at least part of the reserve, proposing that some gold be sold and the proceeds used to support households and firms facing financial burdens, or directed toward education and infrastructure, according to Euronews.
The proposal comes as German consumer prices remain under upward pressure. The Motorists’ Index—measuring the price of goods and services related to driving—rose 6.7% in March 2026 compared with the same month a year earlier, according to the Federal Statistical Office.
Germany’s gold is not all kept in Frankfurt. About 1,236 tonnes—roughly one-third of the total—are stored at the New York branch of the Federal Reserve, and 440 tonnes are stored in London. The remainder is managed by the Bundesbank in Germany.
The storage arrangement dates back to after World War II, when Germany’s trade surplus was converted into gold under the Bretton Woods system, which fixed currencies to the U.S. dollar. After the system collapsed in the early 1970s, Germany’s gold remained in its original storage locations.
In 2017, the Bundesbank repatriated 374 tonnes of gold stored at the French central bank in Paris, citing the introduction of the euro. However, most of Germany’s gold remains in New York.
Whether Germany should bring the New York gold home has become a political issue. Michael Jäger, deputy president of the German Taxpayers Association (BdSt) and president of the European Taxpayers’ Association, told Euronews that trust in the United States has “declined significantly” due to President Donald Trump’s policies, and said this could be an appropriate time to repatriate Germany’s gold.
In March 2026, the far-right Alternative for Germany (AfD) filed a motion in the Bundestag calling for repatriation of the entire national gold stock. Some AfD lawmakers also suggested the gold could be used to underpin a future national currency, a veiled reference to abandoning the euro.
The proposal was quickly criticized by other parties. CSU MP Mechthilde Wittmann called it a “humorous proposal,” warning against handling reserves “in a confusing manner, with hollow rhetoric or ideologically driven language.”
SPD MP Philipp Rottwilm defended keeping the gold in New York, arguing the arrangement provides flexibility. Green MP Sebastian Schäfer described the AfD debate as “frivolous,” saying Germany’s gold reserves are safe in the Fed’s vault in New York.
Left Party MP Doris Achelwilm took a different approach, echoing Fratzscher’s question about whether Germany should sell part of its gold reserves. That proposal has been referred to the Bundestag’s Finance Committee.
The Bundesbank has continued to reject calls to sell the gold reserves, viewing them as a long-term anchor for confidence in the euro. It also reaffirmed its confidence in the Federal Reserve as a gold custodian.
Fratzscher said selling part of the reserve would not be reckless. “Even a German chancellor could not say now is the time to sell gold,” he conceded, adding that dismissing the idea entirely would be inappropriate as economic pressures rise.
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