Bundesbank Gold Vault: Where Germany’s Gold Is Stored
The Bundesbank gold vault in Frankfurt am Main is one of three places where Germany’s gold is stored today, alongside the Federal Reserve Bank of New York and the Bank of England. With 3,350 tonnes (as of 31 December 2025), Germany has the second-largest national gold reserves in the world after the United States.
How much gold does the Bundesbank have?
As of 31 December 2025, the Bundesbank reported 3,350 tonnes of gold, valued at €395.2 billion. A year earlier it was 3,352 tonnes. The holdings have been almost stable for years.
They were built up mainly between 1951 and 1968. Export surpluses brought gold to Germany via the European Payments Union and via central banks such as the New York Fed and the Bank of England. At the end of 1968, holdings stood at 129.69 million ounces.
Through the European Payments Union alone, the Bundesbank received around 48.7 million ounces until the union was dissolved in 1958. At the time, balances between member countries were settled in gold or dollars.
The value fluctuates with the gold price. At the end of 2024 it was €270.6 billion, a year later €395.2 billion – with almost the same quantity.
Where is Germany’s gold stored?
The Bundesbank spreads its gold across three storage locations. It keeps the largest part itself in Frankfurt. A large share is in New York, a smaller one in London.
| Storage location | Quantity | Value |
|---|---|---|
| Deutsche Bundesbank, Frankfurt am Main | 1,710 tonnes | €201.7 billion |
| Federal Reserve Bank of New York | 1,236 tonnes | €145.8 billion |
| Bank of England, London | 404 tonnes | €47.7 billion |
| Total | 3,350 tonnes | €395.2 billion |
Why is some of the gold held abroad?
The Bundesbank cites historical and market-related reasons. Part of the gold was transferred to it directly at the trading centres in the post-war decades and stayed there.
Gold in New York and London can be sold, lent or swapped quickly without having to be transported. For a central bank, that can matter in a crisis.
At the same time, storage abroad means that another central bank holds the bars. This is what the recurring debate in Germany is about: fast access to the trading centre on one side, direct control over the bars on the other. The 2013 storage plan is a compromise between the two goals.
What did the transfer to Frankfurt achieve?
In 2013 the Bundesbank presented a new storage plan. By 2020 at the latest, half of the gold was to be held in Frankfurt. To achieve this, 300 tonnes from New York and the entire holdings in Paris were to be moved to Frankfurt.
The transfer was completed in August 2017, around three years earlier than planned. In total, 674 tonnes came to Frankfurt: 374 tonnes from Paris and 300 tonnes from New York. Since then, the Banque de France has no longer held any German gold.
Every bar that arrived in Frankfurt was checked for authenticity, fineness and weight. According to the Bundesbank, there were no irregularities.
| Year | From Paris | From New York | Total |
|---|---|---|---|
| 2013 | 32 tonnes | 5 tonnes | 37 tonnes |
| 2014 | 35 tonnes | 85 tonnes | 120 tonnes |
| 2015 | 111 tonnes | 99 tonnes | 210 tonnes |
| 2016 | 105 tonnes | 111 tonnes | 216 tonnes |
| 2017 | 91 tonnes | – | 91 tonnes |
How has the split changed?
Before the transfer was completed, the split looked quite different. At the end of 2015, only 41.5% was in Frankfurt. New York was almost level at 39.9%, and 5.8% was still in Paris.
By the end of 2025, Frankfurt’s share had risen to around 51%. New York stands at around 37%, London at around 12%.
| Storage location | 31 Dec 2015 | 31 Dec 2025 |
|---|---|---|
| Frankfurt am Main | 1,402.5 tonnes | 1,710 tonnes |
| New York | 1,347.4 tonnes | 1,236 tonnes |
| London | 434.7 tonnes | 404 tonnes |
| Paris | 196.4 tonnes | – |
| Total | 3,381 tonnes | 3,350 tonnes |
How transparent is the Bundesbank?
The Bundesbank publishes its gold holdings and their split across storage locations. After the transfer was completed, it also announced an updated bar list as of the end of 2017.
In Germany there is a recurring debate about whether more gold should be brought back from New York. The Bundesbank alone is responsible for the current split. The figures above reflect the published status at the end of 2025.
Visitors cannot enter the Frankfurt vault. In the Bundesbank’s Money Museum in Frankfurt, however, a gold bar of around 12.5 kg is on display in a case, and visitors can lift it.
