Did the US exappropriate and steal Germany's gold? Are the Germans the only victims of this fraud? So, Germany trusted the US Federal Reserve, and kept about half of their gold reserves with the US Federal Reserve. With the weakening of the US Dollar, and a burgeoning external debt of the US, naturally, Germany became nervous about its gold. So, they wanted to have the look at the gold, which was physically supposed to be stored in the US Federal Reserve's vaults. What did they see? See the video below for more information: Gold Gone? Germany baffled as Fed bars access to bullion - YouTube Disclaimer: I did mention the term "US Federal Reserve." Just to clarify, there is nothing "US or American" about it, nor is there anything "Federal" about it. It is just a private bank. As a matter of fact, one couldn't be sure whether even the word "Reserve" is any more appropriate.