Germany and Italy hold the world’s second- and third-largest national gold reserves after the US, with reserves of 3,352 tonnes and 2,452 tonnes, respectively, according to World Gold Council data. Both rely heavily on the New York Federal Reserve in Manhattan as a custodian, each storing more than a third of their bullion in the US. Between them, the gold stored in the US has a market value of more than $245bn, according to FT calculations…
“We need to address the question if storing the gold abroad has become more secure and stable over the past decade or not,” Gauweiler told the FT, adding that “the answer to this is self-evident” as geopolitical risk had made the world more insecure.
Here is more from Olaf Storbeck and Amy Kazmin at the FT.
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