German Bundestag, Plenarprotokoll 21/ 64, pp. 7742-7743.
Frau President.
The German gold reserves [Staatsgold] originate from the foreign trade surpluses of the early Federal Republic. The Bundesbank as trustee administered these gold assets for their producer, the German citizens. The book value of our 3,350 tons increases for decades, and has since 2024 alone doubled to 450 billion euros.
Gold is an important psychological and material guaranty of stability for our currency. Its revaluation gain [Aufwertungsgewinn] alone amounts to more than 150 times the capital equity of the German Bundesbank. Gold is the sole substantial position in the balance. Without it, the Bundesbank would be over-indebted by ten times its capital equity.
Following a successful citizens initiative and repatriation of a large part of our foreign gold, today 51 percent is stored in the Frankfurt area. Nevertheless, a stock worth over 220 billion euros is ever still found in foreign countries. For 60 years already, we have borne this risk of foreign location. Since the end of the Cold War at the latest, there is no more reason for this, and none military.
Frauke
Heiligenstadt (CDU/CSU): Listen to the Bundesbank president!
In these 60 years, the price has risen around 15,000 percent.
We nevertheless bring in our motion [Drucksache 21/4739] not because gold is the class of investment with the best return, and we also do not advise the motion because Donald Trump in matters of fidelity to contract and the honoring of property and international law in fact exhibits no good balance. In part, that is right throughout.
This, colleagues of the other delegations have acknowledged: By chance, Stephan Mayer of the CSU: “The finance minister needs to answer the question of Germans whether our gold in the USA is…still…secure.” Yes, Herr Mayer, this question is justified and has been presented for 15 years, yet from the Union’s view, by the wrong ones.
Even the Greens’ finance policy spokesman meanwhile demands a gold standard currency in Germany. Please show that you seriously mean that, colleague Beck!
Trump is thus indeed not the primary problem – that exists independent of him – yet we rejoice in every case when the colleagues now finally come to the right conclusion.
For centuries, gold establishes sovereignty. It is free from the risk of a debts default, and cannot be politically devalued. It is an instrument of strategic security [Absicherung] to protect oneself against debt, inflation and systemic risk, which are often, as presently, still united with geopolitical crises.
Almost every second state presently increases its gold reserves. Ever more central banks fear that they may not recover their foreign deposits of precious metal. The location of gold currency reserves in foreign countries is not to be justified.
The Bundesbank’s long-term counter-argument, whereby in a crisis situation the metal, as it happens in New York or London, needs be converted into foreign exchange, is for years absurd. Certainly in case of a global currency crisis, no one wants to have paper money. Certainly then market participants strive for what is physically tangible, as is seen presently almost daily in the gold and silver market.
And the Bundesbank? It, as it happens, wants in a serious case to exchange the only asset position without third-party risk for demand paper, thus precisely into such paper which in regard world currency turbulences every other party wants to get rid of. No one understands that. It is ahistorical and irrational.
In addition, gold would also besides be tradable in Frankfurt if in a crisis it really were seriously desired to sell the state gold, which of course no one should seriously want.
And the Bundesbank’s concerns about a – cite – “Psychological harm for the German-American relationship” in case of a repatriation are absurd! We speak of German property over which we need to have complete power of disposal.
Unfortunately, the Bundesbank thereby stands in a bad tradition. In 1928, Reichsbank president Schacht, in regards a futile attempt to find the Weimar gold in the treasury of the US Fed, suddenly no longer wanted to see this, and freed Fed chief Strong of proof of this gold, without any emergency. 100 years later, we are not one millimeter further.
And the actually thorough estimate of the Federal Audit Authority needs in one place to be criticized when it suggested to the Bild newspaper an examination of the gold in 2025 has not ensued. Nein, a complete examination of the German gold in foreign countries has never occurred since 1951!
Frauke
Heiligenstadt (CDU/CSU): That’s just not right! Is completely wrong!
Gladly put an interim question, Frau colleague! Then can I expressly answer it!
Mechthilde
Wittmann (CDU/CSU): Ja, so far as it
comes!
The Bundesbank loses itself in inventory data from foreign countries, in minimal spot checks. Smelting charges and inventory numbers replace no bar numbers. Abbreviated numbers contradict orderly bookkeeping. Double counting of bar numbers cannot be excluded, complete examinations were never carried out. In short, there are no clean bar lists.
The Bundesbank continually emphasizes they have complete trust in the foreign banks. Blind trust is however no examination strategy. In crises of an instance of tension, the right of ownership without simultaneous possession is not guaranteed.
Trust also replaces no sovereignty. Gold is a strategic anchor of value. Its availability at home is a prerequisite for our country remaining, in regards international instability of a systemic crisis, able to act in matters of currency.
All of this is an awareness of responsibility. It is no fear-mongering, as in recent days was dictated by you in the press.
Many states since 2013 want to repatriate their gold holdings from New York and London. Blind trust, in times of dwindling certainty in international and financial law, is today no longer appropriate. The AfD therefore welcomes that this ancient debate on the overdue repatriation of the gold is now resurrected, even if in part for a false reason.
No fear-mongering – awareness of responsibility! Thus strike the same out of your script where you probably again have the word “fear-mongering”.
Frauke
Heiligenstadt (CDU/CSU): Exactly!
Strike it out! Dear viewers, it’s not true. Only that which we are doing is responsible.
Show today that your concern about gold, which you in recent months in the bloc have dictated, is authentic, and was no crocodile tears. Vote for our motion! And in case your firewall fetish forbids that, then simply bring in one of your own!
Many thanks.
[trans: tem]