Germany has traditionally been the largest buyer of physical gold in Europe. In terms of central bank gold reserves, the German Bundesbank, currently holding 3,359 tons, has been second in the world behind the US Federal Reserve for decades and has reduced its holdings by only about four tons a year for the past 15 years to mint commemorative coins.
However, since the 2008 global financial crisis, interest in gold has skyrocketed among German private investors - at the same time as faith in fiat currencies has waned, which is probably also due to the fact that Germany has experienced seven different currencies over the past 100 years.