Germany is storing over $109 billion worth of gold in the New York Federal Reserve’s vaults, but some officials in the country are beginning to call for less trust and more verification.
Michael Jäger of the European Taxpayers’ Association – a federation of 29 national taxpayers associations throughout Europe – is urging Germany to immediately obtain its gold from the USA amid tension between the White House and the US, Bild reports.
Says Jäger,
“The Bundesbank and the German government must demonstrate foresight in this phase of global power shifts and immediately retrieve German gold from the USA. Especially at a time when Berlin and Brussels are discussing immense new debt, we need immediate access to all gold reserves in an emergency.”
Jäger says that at a minimum, Germany should at least be able to “physically inspect” the gold bars.
European Member of Parliament Markus Ferber echoes Jäger’s sentiments, telling Bild:
“I demand regular checks of Germany’s gold reserves. Official representatives of the Bundesbank must personally count the bars and document their results.”
Meanwhile, lawmaker Marco Wanderwitz says Germany’s CDU (Christian Democratic Union) is advocating that Germany needs to “either check regularly or retrieve the gold.”
The Germans’ calls for inspecting the gold reserves comes as Elon Musk, tech billionaire and close aid of President Trump, is suggesting that an audit of Fort Knox in Kentucky be “livestreamed.”
The last time Fort Knox was audited was in September of 1974.
In a statement to Bild, a spokseperson for Germany’s Bundesbank quoted and reiterated a Feburary statement from the bank’s President, Joachim Nagel.
“We have (…) absolutely no doubt that with the Fed in New York we have a trustworthy, reliable partner in the storage of our gold reserves.”
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