Explained · 9-minute video
Why does a third of Germany’s gold sit under New York?
At the end of 2025 the Deutsche Bundesbank held 3,350 tonnes of gold. 1,236 tonnes of it – 36.9% – are stored at the Federal Reserve Bank of New York (Deutsche Bundesbank). This page tells the story of our video in short and names the source of every figure.
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How much gold Germany has
At the end of 2025 the Bundesbank’s 3,350 tonnes of gold were valued at €395.2 billion (Deutsche Bundesbank). By our own calculation that is around 270,000 standard bars of about 12.5 kilograms, or roughly €4,700 per person in Germany. The US government holds about 8,134 tonnes, about 4,583 of them in Fort Knox and only about 416 tonnes in the vault of the New York Fed (U.S. Treasury, Status Report of U.S. Government Gold Reserve, 31 August 2026). On the government’s books that gold is still valued at the statutory price of $42.2222 an ounce – about $11 billion in total (same report).
Where it is stored
Frankfurt holds 1,710 tonnes (51.0%), New York 1,236 tonnes (36.9%) and London 404 tonnes (12.1%) (Deutsche Bundesbank). The Bundesbank gives two reasons for storing gold abroad: New York because the US dollar is the most important reserve currency, London because it is the largest gold trading centre. Between 2013 and 2017 it moved 674 tonnes back to Frankfurt – 300 tonnes from New York and 374 tonnes from Paris, in 53,780 bars – three years ahead of schedule (Deutsche Bundesbank). Since then no German gold has been stored in Paris.
What changed in 2022
In February 2022 the G7 and the European Union announced measures to prevent the Central Bank of Russia from using its international reserves; the EU prohibited transactions with those reserves in Council Regulation (EU) 2022/334 of 28 February 2022. Reserves held in other countries’ currencies and payment systems could be frozen. Gold in a central bank’s own vault is no one else’s liability – one reason why central banks pay close attention to where their gold is kept.
The price jump
Gold averaged about $1,816 an ounce in January 2022 and about $5,020 in February 2026, the highest monthly average in the series; in September 2026 it averaged about $4,319, around 138% more than in January 2022 (World Bank, Commodity Price Data “Pink Sheet”, CC BY 4.0). At September’s average price Germany’s 3,350 tonnes would be worth roughly $465 billion, and the US government’s gold more than $1 trillion (our own calculation).
Gold pays no interest
Unlike a government bond, gold pays no interest – it is nobody’s promise to pay. The gold belongs to the Bundesbank and is part of the country’s reserves, not money the government can spend. Because the Bundesbank publishes where its gold is stored, any change in the split between Frankfurt, New York and London would be visible.
The figures, updated daily: Gold price
Terms in the glossary: Central bank · Commodity · Government bond
Frequently asked questions
How much gold does Germany have?
3,350 tonnes at the end of 2025, valued at €395.2 billion (Deutsche Bundesbank).
Where is Germany’s gold stored?
1,710 tonnes in Frankfurt, 1,236 tonnes at the Federal Reserve Bank of New York and 404 tonnes at the Bank of England in London (Deutsche Bundesbank).
Why does Germany keep gold in New York?
According to the Bundesbank, because the US dollar is the most important reserve currency; London is used because it is the largest gold trading centre.
Did Germany bring gold home?
Yes. Between 2013 and 2017 the Bundesbank moved 674 tonnes to Frankfurt – 300 tonnes from New York and 374 tonnes from Paris – three years ahead of schedule (Deutsche Bundesbank).
Sources
- Deutsche Bundesbank: The development of the Bundesbank’s gold reserves
- U.S. Department of the Treasury: Status Report of U.S. Government Gold Reserve
- World Bank: Commodity Price Data (The Pink Sheet), CC BY 4.0
- Council of the European Union: Council Regulation (EU) 2022/334 of 28 February 2022
Percentages, sums and conversions: our own calculations from these sources. DESK is a research tool and not investment advice.
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DESK is a research tool and not investment advice. Page generated: 2026-11-09.