Leading German economists and taxpayer advocates are calling for the Bundesbank to withdraw its gold reserves from US vaults. The push, reported by Handelsblatt and Rheinische Post, cites geopolitical risk under the Trump administration, arguing that Germany's €164 billion in gold stored at the New York Federal Reserve is no longer safe.

The debate reflects a broader European push for strategic independence from the US. Germany holds the world's second-largest national gold reserves, with nearly 40% stored abroad. Proponents like economist Emanuel Mönch warn that unpredictable US policies could threaten access, while opponents caution that a move could inflame tensions and undo decades of financial cooperation.

The Bundesbank has stated its gold is audited and secure, with no plans for a large-scale repatriation. However, the discussion has entered mainstream politics, supported by some opposition parties and business groups. The core tension balances financial security against the risk of damaging a key transatlantic alliance.