Germany and Italy pressed to bring $ 245 billion of gold from us

Germany and Italy are facing calls to get their gold out of New York after President Donald Trump’s repeated attacks on the American Federal Reserve and increase geopolitical turmoil.

“There are” strong arguments “to transfer more gold To Europe or Germany “at turbulent times.”

Germany and Italy have national reserves for the second and third gold in the world after the United States, with reserves of 3352 tons and 2452 tons, respectively, according to World Gold Council data. Both depend on great dependence on the federal reserve in New York in Manhattan as a guardian, each of them stored more than a third of alloys in the United States. Between them, gold stored in the United States has a market value of more than $ 245 billion, according to FT accounts.

This is largely due to historical reasons, but it also reflects the position of New York as one of the most important trading centers in the world for gold, along with London.

However, Trump’s wrong policies and the broader geopolitical turmoil prove a general discussion on this issue in parts of Europe. The US President said earlier this month that he might have to “impose something” if the US Central Bank does not say borrowing costs.

In Germany, the idea of ​​returning gold to the homeland attracts support from both sides of the political spectrum.

Peter Guiller, the former conservative deputy of the Christian Social Union in Bavaria, stressed that the World Bank “should not take any shortcuts” when it comes to protecting the gold reserves in the country.

“The answer to this is self -evident”: “We need to address the question if the storage of gold abroad is safer and stable over the past decade or not.”

The Tax Association in Europe sent messages to the financial ministries and central banks in Germany and Italy, and urged politicians to reconsider their dependence on the federal reserve as a gold guard.

“We are very concerned about Trump’s tampering with the independence of the Federal Reserve,” Michael Gabr, head of Tae, told FT.

“Our recommendation is to bring the home of gold (German and Italian) to ensure that European central banks control it at any time.”

Before the Italian Prime Minister Giojia Miloni’s trip to Washington to meet Trump in April, economist Enrico Gerzney wrote in the newspaper Il Fatou Kidiano: “Leaving 43 percent of gold reserves in Italy in America under Trump’s unreliable management is very dangerous to the national interest.”

A reconnaissance Of more than 70 global central banks this week, more thinking about storing gold at the local level has shown concern about their ability to reach their alloys in the event of a crisis.

European central banks’ dependence on the federal reserve has long been a golden bone for a long time of the bone. Western European countries accumulated the huge gold reserves during the economic boom in the two decades after World War II, when they were running significant trade surpluses with the United States.

Until 1971, the dollar was converted into gold by the US Central Bank under the Bretton Woods system for fixed exchange rates. The storage of precious metal was seen across the Atlantic Ocean as hedging against a possible war with the Soviet Union.

France in In the mid -nineties of the last century, it moved Most of its gold reserves abroad to Paris, after President Charles de Gul lost his faith in the Bretton Woods system.

In Germany, a base campaign was changed to “our gold re -gold” from 2010 from Bundesbank policy. In 2013, the Central Bank in Germany decided to store half of its reserves at home, transporting 674 tons of alloys from Paris and New York to its headquarters in Frankfurt in a very security operation costing 7 mm euros. Currently, 37 percent of the gold reserves are stored in Bund Facebook, New York.

“When we started … we were accused of gathering conspiracy theories,” said Peter Puerenger, the precious metal expert who launched the original campaign, and today is the representative of the right -wing Four Dutsland party in Germany.

For Boehringer, the main argument for bringing gold is not related to the current American administration. “Gold is one of the origins of the last resort of central banks, and therefore it must be stored without any third party danger,” he said, adding that in serious distress times, “It is not just legal property but material control over the really important gold.”

In 2019 in Italy, the extreme right -wing Meloni brothers in Italy were pressured when they are still opposed, to restore gold reserves in the country. Meloni pledged to bring the Italian gold house if her party came to power.

However, since he took the Premier League in late 2022, Miloni was silent on this topic. She wants to maintain a friendly relationship with Trump while avoiding the threat of in -depth trade war.

Fabio Rambili, a brothers from a member of Parliament in Italy, said that the current position of the party is that the “geographical location” of Italy’s gold had “relative importance” only given that he was in the reservation of a “historic friend and an ally.”

The veteran in German investment, Bert Flossbach, the co -founder of the largest director of independent assets in the country, presented a similar argument: “Returning gold now with a sensation will send a sign that relations with the United States are deteriorating.”

In a statement, Bindz Bands Financial Times told a statement that she is “regularly evaluating the storage sites for gold pregnant women” based on the 2013 guidelines, which focus not only on security but also on liquidity to ensure the sale of gold or exchange it to foreign currencies if necessary. ”

He stressed that the Federal Reserve in New York remained an “important storage site” for German gold, adding: “We have no doubt that the Federal Reserve in New York is a reliable and reliable partner to save our golden reserves.”

Italy Bank, Meloni and the Ministry of Finance in Berlin refused to comment.