In Germany, the value of the country’s gold reserves has climbed to €496bn.
Germany holds 3,352 tonnes of gold through the Bundesbank. More than 1,200 tonnes are stored in New York, with the rest held in Frankfurt and London. Source: HolgerZ, Bloomberg
ECB President Christine Lagarde: "Europe is going to do a big SWOT analysis and decide what do we need to do to be strong by ourselves."
Source chart : FT Source image: Reuters
Excellent comments by German Chancellor Friedrich Merz in Davos today
Europeans have damaged their economies. They must fix it.
In case you missed it…
"German manufacturing orders for November surprised sharply to the upside, with the year-on-year figure rising +10.5%, versus expectations of +2.9%. Outside of the post-Covid rebound, this marks the strongest increase in almost 15 years. The data were boosted by large orders linked to government rearmament plans, but even stripping out such lumpy items, there has been a clear and gradual improvement in underlying momentum over recent months“ (Jim Reid, Deutsche Bank) Source: DB through Daniel D. Eckert @Tiefseher on X
In Germany, cold weather is rapidly draining gas storage.
Facilities are now only 52% full – the lowest level for this time of year since at least 2020, and even lower than in 2022, the year Russia launched its war against Ukraine. Source: HolgerZ, Bloomberg
In case you missed it... In Germany, inflation slowed more than expected at the end of last year.
Consumer prices rose 1.8% in Dec YoY, below the 2.1% forecast. The slowdown was driven mainly by falling energy prices and a sharp easing in food inflation, which dropped to just 0.8%. Core inflation also declined to 2.4%, although service inflation remains stubbornly high at 3.5%. Source: HolgerZ, Bloomberg
Brussels we have a problem...
EU hit RECORD LNG imports in 2025 almost ALL from America! Russian gas? CRUSHED to zero US LNG (blue bars) exploded while Europe ditched Putin pipelines. Source: Jack Prandelli, S&P Global
The K-shaped economy is not just about the US
Indeed, the German economy is increasingly K-shaped: stock markets are rising, while consumer confidence is in free fall. Source: HolgerZ, Bloomberg
