Germany and Italy Face Domestic Pressure to Repatriate Gold Reserves from the U.S.

Germany and Italy Face Domestic Pressure to Withdraw Gold Deposits from the United States

 Germany and Italy Face Domestic Pressure to Repatriate Gold Reserves from the U.S.

Germany and Italy are witnessing growing domestic calls to repatriate their gold reserves held in New York, amid escalating geopolitical tensions and controversial remarks by former U.S. President Donald Trump regarding the Federal Reserve, according to the Financial Times.

Together, the two countries hold gold worth hundreds of billions of dollars. Analysts suggest that Trump’s attacks on the Fed, combined with shifting global power dynamics, are prompting many nations to reconsider the wisdom of storing their gold in the United States—viewing repatriation as a move toward financial sovereignty.

This trend could spark a broader global movement to move gold reserves out of the U.S. and assert greater national control over physical assets. Should Germany and Italy move forward with their plans, other countries such as France, Austria, and even Asian nations like Japan may follow suit.

Waning Trust in the Global Order

Recent months have seen a growing sense of urgency among European countries to reassess the security of assets held abroad—particularly gold.

Such moves could have profound implications for the status of the U.S. Federal Reserve as the world’s most trusted custodian of gold. The issue goes far beyond economics; it reflects a broader decline in trust in the U.S. financial system and the global cooperative order that has traditionally bound allies together.

In today’s shifting economic landscape, even symbolic gestures—such as where a country stores its gold—carry significant political weight.

Trump’s repeated attacks on the Federal Reserve, including accusations of incompetence and disloyalty, have fueled domestic and international skepticism. Longtime European allies, once confident in the neutrality and integrity of U.S. institutions, are beginning to question those assumptions.

History Repeating Itself

This is not without precedent. Between 2013 and 2017, Germany repatriated large amounts of gold from New York and Paris, citing concerns over transparency and national sovereignty.

Now, the momentum appears to be building once again. Italy, which had previously taken a more passive stance, is also facing pressure from lawmakers and analysts to act or at least initiate precautionary steps.

The Politicization of Financial Tools

One of the main drivers behind the push to repatriate gold is the fear that the U.S. could freeze or restrict foreign-owned assets in the event of a crisis. While this may seem extreme, recent global events—including sanctions on Russia, banking restrictions in the Middle East, and limitations on SWIFT access—have demonstrated how financial tools can be politicized.

Trump’s unpredictable behavior and suggestions of a return to power further heighten concerns that the U.S. might again destabilize international agreements.

For Germany and Italy—whose post-WWII relationships with the U.S. were built on trust and mutual interests—this trend challenges the very foundation of their financial security strategies.

As discussions within the EU increasingly focus on military, technological, and commercial independence, financial sovereignty is almost certain to become part of that conversation.

What was once seen as a sign of global cooperation—storing national assets abroad—has now become a potential liability. Across the political spectrum, the call to bring gold back home is gaining justification and momentum.

Ultimately, beyond economics, the act of repatriating gold carries powerful symbolic significance—representing a desire for control in an increasingly fractured world.