- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
Germany is facing calls to withdraw its billions of euros’ worth of gold from US vaults, spurred on by the shift in transatlantic relations and the unpredictability of Donald Trump.
Germany holds the world’s second biggest national gold reserves after the US, of which approximately €164bn (£122bn) worth – 1,236 tonnes – is stored in New York.
Right the gold is mostly in the Federal Reserve in New York. The big advantage of that is, that it is easy to both buy and sell gold from there. Basically the only thing they do, is to change the label and it is done. That is especially true, since it can be easily sold for US dollars, which still is the most important currency in the world.
However I would not be surprised, if a lot of potential buyers, prefer their gold to be in a large vault in Frankfurt over one in New York.