Germany is considering plans to withdraw its gold bullion stored in a vault in New York due to concerns about the uncertainty of Donald Trump's U.S. administration's policies, major foreign media reported.
The British Telegraph reported on the 4th (local time) that senior officials from the Christian Democratic Union (CDU), part of Germany's next ruling coalition, are discussing plans to withdraw Germany's gold bullion in New York due to concerns following the re-election of President Trump.
Germany is the world's second-largest holder of gold reserves after the United States. Currently, about 1,200 tons are stored in the underground vault of the Federal Reserve Bank in Manhattan, New York. Converted to monetary value, this amounts to €113 billion (approximately 181 trillion won), accounting for about 30% of Germany's gold holdings.
The next German government is reportedly reviewing plans to withdraw its gold bullion from the United States because, after the Trump administration took office, the U.S. has imposed high tariffs on European allies and has treated Europe dismissively in various economic and diplomatic matters.
Storing gold in U.S. vaults was once considered a wise strategy for quickly securing dollars during economic downturns, but it seems that this view has changed, particularly as tensions between the United States and European countries have intensified.
Michael Jaeger of the European Taxpayers Association said, "It would be better to move all the German gold bullion in (the United States) as quickly as possible to Frankfurt (where the Central Bank is) or at least to move it to Europe."