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Germany and Italy are being pressed to bring $245 billion of gold home from U.S.
By Olaf Storbeck and Amy Kazmin
Financial Times, London
Monday, June 23, 2025
Germany and Italy are facing calls to move their gold out of New York following President Donald Trump's repeated attacks on the U.S. Federal Reserve and increasing geopolitical turbulence.
Fabio De Masi, a former Die Linke member of the European Parliament who joined the leftwing populist BSW party, told the Financial Times that there were "strong arguments" for relocating more gold to Europe or Germany "in turbulent times."
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Germany and Italy hold the world's second- and third-largest national gold reserves after the United States, with reserves of 3,352 tonnes and 2,452 tonnes, respectively, according to World Gold Council data.
Both nations rely heavily on the New York Federal Reserve in Manhattan as a custodian, each storing more than a third of their bullion in the U.S. Between them the gold stored in the U.S. has a market value of more than $245bn, according to FT calculations. ...
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https://www.ft.com/content/e39390cc-ea02-4197-843a-1e4c242422cc
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