Shift in relations and unpredictability of Donald Trump make it ‘risky to store so much gold in the US’, say experts
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.
Emanuel Mönch, a leading economist and former head of research at Germany’s federal bank, the Bundesbank, called for the gold to be brought home, saying it was too “risky” for it to be kept in the US under the current administration.
Is the USA collapsing in real time? Serious question. Denmark dumped treasury bonds, and then a Swedish pension fun dumped a billion of them, now the former research head of Germany Central Bank is saying physically move the gold to Germany
Pretty much, yes. But don’t worry, it’s not like Trump passed massive tax cuts in his last term that have left the US over leveraged with >100% of GDP in debt and a $1.6T deficit or anything that leaves the US particularly vulnerable to bond sell offs.
What’s that? Oh. Well at least there isn’t some sort of financial bubble waiting to burst and take the economy with it at the same time.
Sorry, hang on a second, just getting some news through… Oh. Oh dear. Oh well, it was nice while it lasted. Well, it was sort of OK for bits of it anyway.
By the time it actually happens there might be a democrat in charge again who can get all the blame…
Bold of you to assume there will be future elections.
That’s why I wrote might
You don’t even have to reference an article from a year ands half ago.
He literally suggested last week that he would cancel the midterms.
It shows intent from all the way back then.
Is the USA collapsing in real time?
Yes, the spiral has been going on for awhile now.
Denmark
Fortunately for the US, only one small Danish pension fund. Not the whole country. But one can guess that despite the event being small, people aren’t currently clawing to have US treasury bonds anywhere.
Don’t forget about China selling their US bonds off, not too long ago, in what was a “yippy” move from the market.
Swedish pension fun
I was in a band by that name. Mostly ABBA covers and very angry punk.
I think I saw a movie with that title a long time ago.
With a lot of attractive young people playing volleyball?
That actually looks like a Speedrun to it honestly.
Seriously. Took Rome over a hundred years to have their Republic fall from when it started tumbling. We’ll be lucky if it takes us 2 decades
It’s wild to consider it, but we may be.
The massive escalation in tactics over the last month tells me that the US’ finances may be significantly worse than we know, with the desperation to seize mineral resources, even in the knowledge that diplomatic cooperation could achieve the same ends.
I don’t know what there is that we wouldn’t know, unless smart economists have been quietly panicking over some academic reason to be afraid for the stability of the US and are confident in their predictions
The refusal of the Donald admin to release objective economic data seems to me to be a fairly strong indicator that things are worse than we know.
HAHAHA they still think its there. Wasn’t it about a decade ago Germany wanted to see it and America said no.
“OUR GOLD, at this time of year, at this time of day, localized entirely to your vaults?”
“Yes!”
“Can I see it?”
“No.”
And now!?!!?! Of all times, they should have done it on Biden’s presidency. Does anyone believe Trump will just agree like that. The guy is going to use it as hostage.
The gold was kept in New York because of fears it might be seized by the Soviet Union during the Cold War. I guess Russia is not as problematic now as the former ally.
I think its mostly that Russia has proved its just not a major threat. Yes Ukraine is getting weapons and funding from many other countries but the fact is if Russia had a fraction of the power we thought they did for a long time the qar would have been over before the aid even made it to the country.
Also the Soviet Union during the Cold War was much closer than Russia is today. Part of Germany was under Soviet control, and the Western capitol was Bonn, several hundred kilometers from the border. Modern Russia is a bit further than that, with a whole county between them.
Friedrich Merz is too much of a coward to do anything remotely courageous like that.
What gold ?
Not only have we never seen your gold, Dear Leader is now several billion dollars’ worth of gold richer. Coincidentally
Honestly wouldn’t be surprised if they attempted to steal it.
Good idea, but might have to come in like France did in 1971 (they rolled up to NY harbor in a destroyer). For some reason I don’t think it’ll work like it worked for de Gaulle.
WTF happened in 1971‽‽
Nixon fucked the world through the dollar.
In short, the world is paying the US to fuck around, since Bretton Woods replaced gold with the the USD, meaning that the US gets unlimited money while they get to spread their inflationary pressure around the world.
Charles de Gaulle, president of France at the time wasn’t as stupid as most world leaders, and ended up preserving at least some semblance of fiscal independence by smuggling the French gold back from the US.
One way of looking at it is that we literally cannot afford war. I mean moneywise. Nixon removed the dollar from the gold standard in order to finance the Vietnam war, which the US lost in the military sense but won in the sense of the military industry making a whole lot of money. Literally more money than was even possible.
Damn. Not just one interrobang, but two?
Everyone should do this. Trump has sticky fingers, and it is inevitable for them to wander to places unwanted.
Trump has sticky fingers
The country has sticky fingers.
Doo itt!!!
Well I’m sure the dollop of fermented meat in charge won’t try something as someone takes back his favourite coloured metal
Can’t. Got melted down for gold crappers
I hope there is some of Germany’s gold left. If not, at least grab a wall sconce on your way out.
if i could move my money i would…
American Jew here… Toss your witcher some reparations coin? Or am I thinking of the Swiss?
