The concept of “sovereignty” is at the heart of the latest debate over Germany’s gold reserves. As the world becomes more fragmented and alliances are tested, many in Berlin are arguing that true sovereignty is impossible without direct control over the nation’s wealth. This belief is driving the urgent calls to repatriate the €164 billion in gold currently held by the U.S. Federal Reserve.
Germany holds the world’s second-largest gold reserves, valued at approximately €450 billion. The fact that 1,236 tonnes of this are stored in New York is seen by some as a lingering sign of post-war dependence. Bringing the gold home is framed as a way for Germany to finally complete its journey toward full economic and political independence.
Emanuel Mönch has been a leading advocate for this sovereign-focused approach. He argues that a nation’s central bank must have physical possession of its assets to be truly independent. In his view, keeping so much gold in the U.S. is a “sovereignty gap” that must be closed to ensure Germany can chart its own course in an increasingly complex world.
This perspective is gaining ground among those who are wary of “globalist” financial institutions. They argue that the rules of the game are changing and that Germany must be prepared to protect its own interests first. The gold in New York is seen as a symbol of an older, more dependent era that is no longer suited to the challenges of today.
However, the German government remains committed to its international partnerships. Officials argue that sovereignty is not about isolation, but about working effectively within a global system. They maintain that the current gold storage arrangements are a sign of strength and trust, and that moving the gold would be a step backward for Germany’s international standing.