Away from Trump: Germany and Italy plan to take gold reserves out of the US
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Due to tensions with the US and Trump’s unpredictability, Germany and Italy are planning to move their gold reserves from the US to Europe.
This was reported in the Financial Times.
Germany and Italy hold the second and third largest gold reserves in the world, with 3,352 and 2,452 tons of the precious metal, respectively. More than a third of these reserves are held in the United States.
The market value of gold held in the United States is estimated at over $245 billion.
“This reflects New York’s status as one of the world’s most important trading centers for gold, along with London,” the journalists noted.
In Germany, the idea of returning gold is supported by both conservatives and liberals.
“We need to consider whether storing gold abroad has become safer and more stable over the past decade,” said German conservative CSU MP Peter Hauweiler.
In addition, the European Taxpayers Association sent letters to the finance ministries and central banks of Germany and Italy calling on them to reconsider their dependence on the Fed as a gold custodian.
“We are very concerned about Trump’s interference in the independence of the Federal Reserve Bank. We recommend bringing gold home to ensure that European central banks have unlimited control over it at any time,” said the association’s president, Michael Jaeger.
It was previously reported that the European Union has postponed a plan to lower the price ceiling for Russian oil due to the risks of rising energy prices due to the conflict in the Middle East .
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