Much of the focus of the discussion about Nazi gold (, "stolen gold") concerns how much of it Nazi Germany transferred to overseas banks during World War II. The Nazis looted the assets of its victims (including those in concentration camps) to accumulate wealth. In 1998, a Swiss commission estimated that the Swiss National Bank held $440 million ($8 billion in 2020 currency) of Nazi gold, over half of which is believed to have been looted.
Some of the accumulated wealth was used to finance the war, but the total spending remains unclear. The present whereabouts of the gold has been the subject of several books, conspiracy theories, and a failed civil lawsuit brought in January 2000 against the Vatican Bank, the Franciscan Order, and other defendants.
Acquisition
The draining of Germany's gold and foreign exchange reserves inhibited the acquisition of materiel, and the Nazi economy, focused on militarization, could not afford to deplete the means to procure foreign machinery and parts. Nonetheless, towards the end of the 1930s, Germany's foreign reserves were unsustainably low. By 1939, Germany had defaulted upon its foreign loans and most of its trade relied upon command economy barter.
However, this tendency towards autarkic conservation of foreign reserves concealed a trend of expanding official reserves, which occurred through looting assets from annexed Austria, occupied Czechoslovakia, and Nazi-governed Danzig. It is believed that these three sources boosted German official gold reserves by US$71 million ($1.3 billion in 2020 currency) between 1937 and 1939. To mask the acquisition, the Reichsbank understated its official reserves in 1939 by $40m relative to the Bank of England's estimates.
During the war, Nazi Germany continued the practice on a much larger scale. Germany expropriated some $550m in gold from foreign governments, including $223m from Belgium and $193m from the Netherlands. These figures do not include gold and other instruments stolen from private citizens or companies. The total value of all assets allegedly stolen by Nazi Germany remains uncertain.
Merkers Mine
Advancing north from Frankfurt, the U.S. Third Army cut into the future Soviet zone when it occupied the western tip of Thuringia. On 4 April 1945 the 90th Infantry Division took Merkers, a few kilometres inside the border in Thuringia. On the morning of the 6th, two military policemen, Private First Class (PFC) Clyde Harmon and PFC Anthony Kline, enforcing the customary orders against civilian circulation during an evening curfew, stopped two women on a road outside Merkers. Since both were French displaced persons, with one of them pregnant attempting to find a doctor, the military policemen decided to bring them back to PFC Richard C. Mootz. Luckily for Mootz, he and the women had something in common: they could all speak German. While getting to know them better and escorting them back into the town, they passed the entrance to the Kaiseroda salt mine in Merkers.
The two women told Mootz that the mine contained gold stored by the Germans, along with other treasures. Once back in his unit, he attempted to tell three other officers, but they weren't interested in listening. He called other military personnel; by noon, the story had passed on up to the chief of staff and the division's G-5 officer, Lt. Col. William A. Russell, who, in a few hours, had the news confirmed by other DPs and by a British sergeant who had been employed in the mine as a prisoner of war and had helped unload the gold. Russell also turned up an assistant director of the National Gallery in Berlin who admitted he was in Merkers to care for paintings stored in the mine.
The next day was Sunday. In the morning, while Colonel Bernard D. Bernstein, Deputy Chief, Financial Branch, G-5, Supreme Headquarters Allied Expeditionary Force (SHAEF), read about the find in the Stars and Stripess Paris edition, 90th Infantry Division engineers blasted a hole in the vault wall to reveal on the other side a room wide and deep. They found 3,682 bags and cartons of German currency, 80 bags of foreign currency, 8,307 gold bars, 55 boxes of gold bullion, 3,326 bags of gold coins, 63 bags of silver, one bag of platinum bars, eight bags of gold rings and 207 bags and containers of Nazi loot that included valuable artwork.