Almost half of Germany’s state gold is still held abroad. The AfD parliamentary group in the Bundestag is now demanding that all 3,350 tons be repatriated to Germany—a move that raises fundamental questions about the country’s financial sovereignty. The proposal was first debated in the plenary session on Wednesday, March 18, 2026. After a 30-minute discussion, it was referred to the lead Finance Committee for further deliberation. This puts the issue on the parliamentary agenda, even though implementing the demand currently seems politically unlikely. According to the AfD’s motion, Germany holds one of the world’s largest gold reserves at 3,350 tons. The book value of this treasure has doubled in recent decades to around 460 billion euros. The appreciation of the gold alone exceeds the Bundesbank’s equity by more than 150 times in the central bank’s balance sheet. The group argues that gold, despite the official lack of a gold standard, serves as an “important psychological and material stability guarantee” for the euro. It represents the only substantial item in the Bundesbank’s balance sheet not exposed to counterparty risk.
Currently, according to the AfD, only about 51 percent of Germany’s gold is stored domestically. The remaining 49 percent—with an estimated value of around 225 billion euros—is held primarily at the Federal Reserve in New York (37 percent) and the Bank of England in London (12 percent). This storage abroad dates back to historical agreements and practical considerations from the post-war era.
Between 2013 and 2017, the Bundesbank had already repatriated some of the gold stored abroad. The AfD is now calling for this process to be completed. The federal government, together with the Bundesbank, should develop and implement a timetable for bringing home all remaining gold reserves.
Behind this demand lies a more fundamental political agenda. The motion states that it is necessary to ensure that the gold reserve is stored exclusively within the Federal Republic in the future. This should be done “to preserve for Germany the option of a (partial) gold backing for a future, possibly national currency after the euro.” The wording hints at long-term considerations beyond the common European currency.
Experts point out that storing gold reserves with trusted foreign central banks meets international standards and can facilitate rapid access to liquid funds during crises. The Bundesbank has previously emphasized that the current distribution of storage locations continues to meet operational requirements and security aspects.
The debate in the Bundestag shows that the topic of gold reserves remains politically relevant more than a decade after the start of the first repatriation action. It touches on issues of national financial resilience, trust in international financial institutions, and the long-term strategic direction of German currency policy.
In the Finance Committee, the motion will now be examined in more detail. However, a majority for the complete repatriation of the gold is not in sight in the current Bundestag. The discussion is nonetheless likely to draw attention to the handling of one of the country’s most valuable assets.
Bring all German state gold back to Germany
Deutsches Staatsgold — Deutscher Bundestag
