Germany and Italy are under pressure to repatriate $245 billion worth of gold stored in the Federal Reserve in New York. Politicians and advocacy groups raised concerns about the safety of their gold due to US President Donald Trump’s criticism of the Federal Reserve, expressing fears over financial sovereignty. Germany holds 3,352 tonnes of gold, while Italy holds 2,452 tonnes, ranking second and third globally, with the US holding 8,133 tonnes, the largest reserve.
Fabio De Masi, affiliated with Germany’s left-wing BSW party, argues for bringing Germany’s gold back, noting that about 1,200 tonnes remain with the New York Federal Reserve. The Taxpayers Association of Europe has echoed these concerns, suggesting that dependence on the Federal Reserve jeopardizes their assets, especially under the current US political climate branded as unstable by critics.
In Italy, economic commentator Enrico Grazzini cautioned against keeping 43% of Italy’s gold reserves in the US amidst Trump’s administration, citing potential risks to national interest. Trump’s ongoing criticism of the Federal Reserve further fuels concerns about the security and management of European gold reserves.
