EU Nations Urged to Bring Back Gold from US Vaults
Germany and Italy are facing renewed pressure from lawmakers and economic groups to repatriate a staggering $245 billion worth of gold reserves currently stored in vaults of the US Federal Reserve in New York. The movement, gaining traction in both countries, is driven by mounting geopolitical concerns, questions about the Federal Reserve’s future under renewed scrutiny, and a desire to restore financial sovereignty over national assets.
German politicians, including Fabio De Masi and Peter Gauweiler, have raised alarms about keeping such significant reserves overseas, especially when political unpredictability in the United States poses potential risks to European financial autonomy. Their position builds on Germany’s earlier effort in 2013, when it successfully brought back 674 tonnes of gold from abroad, including a substantial portion from the US.
In Italy, similar sentiments are growing among right-wing leaders and economists who question whether it is prudent to allow a foreign central bank to control such a vital element of national wealth. As these voices grow louder, they are calling on their governments to follow the global trend of nations moving gold reserves closer to home.
Rising Concerns Over Sovereignty and Risk
The concern isn’t just symbolic. Experts point to the need for nations to have physical control of their bullion reserves in the event of financial disruption, conflict, or sanctions. Michael Jäger of the Taxpayers Association of Europe expressed concern over political influence on central banking in the US, stating that with volatile leadership and talk of interfering with the Federal Reserve, it’s no longer safe to assume those assets are untouchable.
While Germany’s central bank, the Bundesbank, has maintained that its overseas holdings are secure and subject to regular audits, critics argue that the real issue is not security but sovereignty and accessibility in a global crisis.
A Broader Global Shift
This isn’t just a European debate. A recent survey of global central banks revealed that 43% plan to increase their domestic gold reserves—a record figure. The shift is driven by a combination of inflation fears, de-dollarization trends, and growing preference for physical assets over paper-backed securities.
As calls for repatriation grow louder, Germany and Italy may be forced to re-evaluate their long-held policies on reserve storage. Any decision to move gold back home could have diplomatic consequences, but proponents argue the long-term benefits of self-reliance far outweigh the optics.
The ongoing discussion reflects a broader recalibration of trust in global financial institutions—and a realization that in an uncertain world, possession may once again become nine-tenths of the law.
