The Vault Is Cracking

Germany may not say it out loud, but the world will hear it clearly: the United States can no longer be trusted to guard global assets

For nearly a week, a swirl of global events has demanded attention. But one story kept itself lodged in the back of my mind—quiet, persistent, and heavy. I kept wondering: what kind of impact will this really have?

It’s not the first time it’s happened. But the conditions now, compared to then, feel radically different.

Between 2013 and 2017, Germany repatriated 300 tonnes of gold from the New York Federal Reserve. Officially, the move was framed as a step to increase transparency, security, and trust. But the real driver was the surge in conspiracy theories inside Germany—whispers that the gold might not even be there. By bringing some of it home, the German government sent a clear message: Our gold is safe. And if we want it, we can get it.

But Germany still holds 1,236 metric tons of gold—worth over €113 billion—in the vaults of the New York Fed.