Europe Wants Its Gold Back from the U.S.

Germany and Italy are under renewed pressure to repatriate significant portions of their gold reserves stored at the New York Federal Reserve.

This concern is fueled by increasing global instability and recent U.S. political developments, including President Trump’s public criticism of the Federal Reserve.

According to the Financial Times, both countries keep more than one-third of their gold in New York—roughly $245 billion in total—which has prompted calls from politicians across the spectrum in Germany and Italy to rethink their reliance on U.S. custodianship.

Fabio De Masi, former MEP and current BSW party member, told the Financial Times:

> “Strong arguments” exist for relocating more gold to Europe or Germany “in turbulent times.”

Germany holds approximately 3,352 tonnes and Italy about 2,452 tonnes of gold—second and third largest reserves worldwide, following the U.S.—based on World Gold Council data.

Historically, European nations placed their gold in U.S. vaults for safety and due to New York’s role as a global gold hub. But growing geopolitical risks, especially strategic military actions and rising tensions with Iran under President Trump’s newly assertive foreign policy, have critics calling for increased direct control.

The Bundesbank maintains that the New York Federal Reserve remains a “trusted custodian.” However, the ongoing debate reflects broader anxiety over national financial sovereignty and whether Europe should hold more of its assets physically within its borders.