Germany is questioning the security of its $109 billion gold reserves stored at the New York Federal Reserve. High-ranking officials are calling for a physical inspection, and some even want the gold repatriated to Germany.
Concerns Over Gold Reserves
Michael Jäger of the European Taxpayers’ Association is urging Germany to bring its gold home immediately, citing global power shifts and the potential need for emergency access to the reserves. He believes that at the very least, Germany should be allowed to physically inspect the gold bars.
This sentiment is echoed by European Member of Parliament Markus Ferber, who demands regular checks with personal counts and documentation by Bundesbank officials. Lawmaker Marco Wanderwitz, representing Germany’s CDU, adds that Germany should either conduct regular checks or retrieve its gold.
Echoes of Fort Knox
These calls for inspection come as Elon Musk advocates for a livestreamed audit of Fort Knox, which hasn’t been audited since 1974.
Bundesbank’s Response
The Bundesbank, however, maintains its trust in the New York Fed, reiterating a previous statement affirming the Fed as a trustworthy partner for gold storage.
