Germany has the second largest gold reserves in the world at 3,366 tonnes.

1,698 tonnes (50%) of Germany’s Gold reserves are stored on its own soil, 1,236 tonnes (37%) stored in the U.S., and 432 tonnes (13%) in the U.K. 

During the hostage crisis (1979) the U.S. blocked Iran’s gold account in New York. Germany wants to avoid being subject to such pressure. The more of its gold reserves Germany stores at the Federal Reserve Bank of New York, the more leverage the U.S. has over Germany. 

Germany repatriated 300 tonnes from New York in 2013 to decrease its dependence on the US. If the US-German relationship further deteriorates, this may motivate further repatriation of Gold reserves.