(Der Tagesspiegel, Felix Kiefer, March 18, 2026)
The AfD presents a motion to the Bundestag to repatriate all German gold reserves held abroad, arguing that physical possession on national territory guarantees stability, ownership, and availability in case of geopolitical crises or sanctions.
With 3,350 tons of gold, Germany holds the second largest reserve worldwide after the US, of which 37% (1,236 tons, worth about 225 billion euros) is in New York at the Fed and 12% (405 tons) in London at the Bank of England, while the rest is already in Frankfurt.
The proposal is based on concerns about the reliability of the US and EU after Trump’s actions, the freezing of Russian assets, and the conflict in Ukraine, but the government, Bundesbank, and majority parties consider the risks unfounded and further repatriations unnecessary after those already carried out between 2013 and 2017.
Repatriation necessary to guarantee access and sovereignty.
Gold is an important psychological and material guarantee of stability. State gold reserves must be mandatorily held entirely in German national treasuries. This step is necessary and urgent to ensure ownership, availability, and capacity to act.
Risk of blockage in case of tensions or sanctions.
In crisis or tension situations, physical access to gold held abroad can be blocked, for example through sanctions. Moreover, full trust can no longer be placed in the EU or US, as they have recently discussed or begun confiscating foreign state assets.
Examples of actions against foreign assets.
As evidence, the AfD cites the EU considerations on freezing and confiscating Russian assets as well as Trump’s plans to control Venezuela’s oil revenues.
Possible compensation with gold in case of delays on arms to Ukraine.
If, for example, the German government fell behind on payments for US arms supplies to Ukraine, the US could demand and impose a sort of compensation with German gold.
SPD criticism: political exploitation of fear.
Politically, the AfD is once again trying to exploit uncertainty and gain cheap political capital from legitimate fears. German gold reserves are well diversified. Furthermore, the two currency areas are closely financially intertwined. Europe holds a significant share of US government bonds and is the largest foreign direct investor in the United States. It is in neither our nor America’s interest to unilaterally exploit these strategic dependencies.
(Excerpt from the newsletter by Giuseppe Liturri)
