🇩🇪🇺🇸 Where’s the gold? Germany’s conservatives sound the alarm over reserves in the US

Can the United States be trusted with Germany’s gold?

[S]ome politicians in Germany are worried that what was for decades seen as one of the world’s most reliable storehouses might not be so secure after all.

Germany holds the world’s second-largest gold reserves, and keeps 37 percent of them — some 1,236 metric tons, worth €113 billion — in the vaults of the New York Federal Reserve. Those holdings of precious metal guarantee that, should the need ever arise, the Bundesbank has access to something it can change into U.S. dollars (or any other hard currency).

The very idea that they might not be safe would have been considered ridiculous from 1945 ... until a couple of weeks ago. But the certainties of Germany’s postwar existence have been turned on their head and — as the recent scrapping of a notorious cap on public borrowing showed — the unthinkable is suddenly very thinkable indeed. All the more so given evidence of U.S. President Donald Trump’s willingness to push the limits of his powers and assert presidential primacy over the judicial system.

German tabloid Bild, owned by POLITICO parent company Axel Springer, reported on Thursday that outgoing Christian Democratic Union (CDU) lawmaker Marco Wanderwitz is one of those concerned.

Already in 2012, Wanderwitz had unsuccessfully requested to inspect the gold holdings as part of an effort to pressure the bank to either take a more active role as a custodian, or to repatriate it to Germany.

“Of course, the question now arises again,” Wanderwitz said in comments reported by Bild.

https://www.politico.eu/article/gold-germany-conservatives-sound-alarm-over-reserves-usa/