Europe wants its gold back, yes. Europe has started to doubt the stability of our country. For years, the United States has been guarding European gold, but not just a bit of gold… thousands of tons of European gold are stored in the United States Federal Reserve. Now, governments like the German or the Italian one want their gold back. Why now? Because they are not very confident in Donald Trump’s mandate, nor that he could use that gold (which does not belong to him) as a political weapon. So, faced with this scenario in which there are three possible wars open, countries want to recover their gold reserves.
It seems we are witnessing the calm before the storm, and European countries want to secure their reserves before the first raindrops start falling…
European gold under US custody
Of course, here comes the first question: why is the United States holding Europe’s gold? Well, we just need to look at the recent history of our planet, and the 20th century wasn’t exactly marked by stability. Since the Cold War, the United States justified keeping part of the European gold reserves “just in case” (it had nothing to do with the possibility of using it as a political weapon if something happened…)
In the case of Germany, approximately 37% of its gold remains in the US, while Italy keeps 43% of its reserves there.
And what happened?
Trust has been weakening. There are conflicts in the old continent, the financial market is hanging by a thread, and Donald Trump’s recent decisions to start a war in the Arabian Gulf as if we were in 2001 has made the world fear repeating the history of the 20th century, so Europe has considered that this is the perfect time for European gold to return to Europe.
The fear of Trump and political control of the Federal Reserve
One of the reasons that has most worried European leaders is the fear that Trump, in his new mandate, may politically manipulate the Federal Reserve. According to Michael Jäger, president of the TAE (Taxpayers Association of Europe), “we are very concerned that Trump could manipulate the independence of the Federal Reserve Bank”.
The symbolic importance of gold
It may seem unimportant because we already move through digital money, but it remains a symbol of stability and economic power (even more so with the issue of wars…). That’s why regaining control over it has become a priority, both as a guarantee against future crises and for independence. No one wants to depend on the US.
What if the gold isn’t returned?
If the United States refused to return the gold or imposed restrictions, it would trigger an unprecedented diplomatic crisis. Germany and Italy could interpret that act as a break in strategic trust, which would affect not only bilateral relations but also the structure of the international financial system based on trust and cooperation. So no, it’s not convenient for us. We are already living through too many historic moments to get into another war… right?
The legacy of Nazi gold
Of course, this chapter also revives old ghosts. Declassified documents show that, during World War II, tons of German gold were transferred to the United States as part of the Marshall Plan and reconstruction agreements. However, not all the gold is located today, and part of it remains wrapped in conspiracy theories like the “Nazi gold train”.
What is the Nazi gold train?
A legend that arises after World War II, according to which the Nazis loaded a train with gold, jewels, and works of art stolen during the conflict and made it disappear in southwestern Poland while fleeing the Red Army in 1945, but there is no evidence that the train existed.
And Mussolini’s gold?
On the other hand, Mussolini’s gold also disappeared under mysterious circumstances. The famous “gold of Dongo” (which he carried with him when he was captured by partisans), with bars and jewels the dictator had with him when captured, was never recovered.
Changes in European monetary policy
A change in Europe’s monetary and geopolitical strategy is on the horizon, they want more autonomy and not to depend on the United States. The world is increasingly polarized and alliances can break at any moment… and, as the saying goes, “a bird in the hand is worth two in the bush”.