Germany and Italy are facing mounting calls to reconsider keeping part of their gold reserves at the Federal Reserve Bank of New York. The renewed debate is being driven by rising geopolitical tensions and broader concerns about U.S. monetary policy under President Donald Trump.
Germany and Italy hold the world’s second- and third-largest national gold reserves, with a combined value of more than $245 billion. Against that backdrop, former politicians and advocacy groups are urging European governments to reassess their dependence on U.S. custodianship and to consider whether strategically important reserves should be brought under more direct national control.
Debate Over Gold Repatriation Gains Momentum
Fabio De Masi, a former member of the European Parliament, told the Financial Times that European countries should think about relocating their gold during “turbulent times.” In Germany, the discussion has gained traction across parts of the political spectrum, with calls for the Bundesbank to verify the safety and accessibility of the country’s overseas gold holdings.
For now, the Bundesbank has maintained that the New York Fed remains a reliable partner. Even so, the growing public discussion shows that the issue is no longer seen as a routine custody arrangement. Instead, it is increasingly tied to questions of strategic autonomy, trust in international financial relationships, and the practical control of reserve assets.
Reserve Security Becomes a Strategic Issue
The current debate highlights a broader shift in how countries view sovereign reserves. For nations holding substantial gold stocks, the location of those assets and the ability to exert physical control over them are becoming more politically significant in an uncertain global environment.
Whether Germany, Italy, or other European states will move toward large-scale gold repatriation remains unclear. Still, the discussion itself signals a deeper reassessment of financial security and reserve management across Europe.