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Germany, Italy Face Pressure to Repatriate US$245 Billion in Gold as Trust in US Custody Wavers

Jun. 24, 2025 02:00PM PST
Public distrust, recent political developments and a global trend toward de-dollarization have reignited longstanding concerns about foreign reliance on US custodianship of central bank bullion.

Germany and Italy are facing mounting domestic pressure to repatriate more than a third of their gold reserves — worth an estimated US$245 billion — currently held in New York by the US Federal Reserve.

Germany and Italy hold the world’s second and third largest gold reserves, trailing only the US. A substantial portion of this metal is stored overseas, primarily in Manhattan’s Federal Reserve Bank.

This longstanding arrangement, based largely on postwar financial realities and New York’s role as a major global gold-trading hub, is now being questioned by officials and commentators across Europe’s political spectrum.

Fabio De Masi, a former member of European Parliament now affiliated with Germany’s new left-wing populist BSW party, told the Financial Times there are “strong arguments” to bring more of Germany’s bullion back home.

Continues here >>>> https://investingnews.com/germany-italy-repatriate-gold/