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Europe’s Gold Fled the Nazis. Now It’s Fleeing Trump.
The Bulwark • • business
Key Points:
- European countries are repatriating or relocating billions of dollars in gold reserves from the United States due to diminished trust in the U.S. under President Donald Trump.
- The Dutch central bank recently moved about $12 billion of gold from New York to London, following France’s sale of $15 billion in bullion held in New York, replacing it with gold stored in Paris.
- Germany and Italy, the second- and third-largest holders of gold reserves after the U.S., are also considering moving their gold out of U.S. vaults amid concerns about security and political trust.
- This trend marks a significant shift in international financial relations, reflecting fears that the U.S. government under Trump might misuse or restrict access to these reserves.
- The moves highlight a broader erosion of trust between the U.S. and its traditional European allies, reminiscent of past geopolitical tensions.
