Germany and Italy are facing calls to move their gold out of New York following President Donald Trump’s repeated attacks on the US Federal Reserve and increasing geopolitical turbulence.
Fabio De Masi, a former Die Linke MEP 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”. Germany and Italy hold the world’s second- and third-largest national gold reserves after the US, with reserves of 3,352 tonnes and 2,452 tonnes, respectively, according to World Gold Council data. Both rely heavily on the New York Federal Reserve in Manhattan as a custodian, each storing more than a third of their bullion in the US. Between them, the gold stored in the US has a market value of more than $245bn, according to FT calculations. The Taxpayers Association of Europe has sent letters to the finance ministries and central banks of both Germany and Italy, urging policymakers to reconsider their reliance on the Fed as a custodian for their gold. Source: FT
Central banks continue to DUMP the US Dollar for Gold:
95% of central banks expect global gold reserves to rise in the next year, according to a World Gold Council survey. A record 43% plan to boost their holdings. 73% expect USD reserves to decline over the next 5 years. Source: Global Markets Investor, Yahoo Finance
Gold is now the second-most important reserve asset for central banks
Source: ECB, MKS-PAMP, FT
Gold Price over the last 100 years
source : BofA
Gold overtakes Euro as 2nd most important global reserve asset, ECB says.
The share of gold in total official foreign reserves increased to 20% due to historically high gold prices and purchases. Source: HolgerZ, IMF
Poland continues to buy gold as if there was no tomorrow
Source: Michel A.Arouet, IMF
Gold's share of global reserves reached 23% in Q2 2025, the highest level in 30 years.
Over the last 6 years, the percentage has DOUBLED. At the same time, the US Dollar's share of international reserves has declined 10 percentage points, to 44%, the lowest since 1993 (dee left-hand scale). By comparison, the Euro's share has decreased 2 percentage points, to 16%, the lowest in 22 years. Gold is quickly replacing fiat currencies as a reserve currency. Keep watching gold.
Silver about to surpass gold as best performing asset YTD
Source: zerohedge
