Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Maduro: Every bomb dropped on a Palestinian hospital, school, or home not only kills innocent lives but also destroys the foundations of world peace.
Maduro: What we are witnessing today in Gaza and throughout Palestine is not a conflict between equal parties, but rather a systematic plan to destroy a people and eradicate their identity.
Venezuela's President Nicolas Maduro at the Bogota summit: We raise our voices firmly outraged at the world's silence in the face of the ongoing genocide against the Palestinians.
Syria: Sources to Al Mayadeen: Israeli airstrikes target supply lines of military factions affiliated with the Syrian Interim Ministry of Defense outside Sweida and around Daraa.
Al-Saadi: There were concerns that Lahham would be placed under administrative detention.
Al-Saadi: The Israeli occupation authorities could not prove any allegations leveled against Nasser Lahham.
Lawyer Oussama al-Saadi: The oppressive Israeli measures of delaying Lahham's release had vengeful motives.
Nasser Lahham's lawyer said the journalist was released without any conditions or restrictions, adding that the conditions in which he was kept were terrible.
The Israeli occupation authorities release Al Mayadeen Palestine bureau chief Nasser al-Lahham.
Local Syrian sources: An Israeli airstrike targeted a tank and artillery battalion in the city of Izraa in the Daraa countryside

Italy, Germany under pressure to repatriate $245bln in gold from US

  • By Al Mayadeen English
  • Source: Financial Times
  • 23 Jun 2025 14:48
  • 1 Shares
3 Min Read

US President Donald Trump's attacks on the Federal Reserve and rising global risks fuel calls in Germany and Italy to bring $245 billion in gold reserves back from New York.

Listen
  • x
  • The Federal Reserve Bank of New York is visible in the Financial District in the Manhattan borough of New York City on Friday, July 15, 2022 (AP)
    The Federal Reserve Bank of New York is visible in the Financial District in the Manhattan borough of New York City, on Friday, July 15, 2022 (AP)

Germany and Italy are facing renewed pressure to transfer their gold reserves out of New York amid growing concerns over President Donald Trump’s repeated attacks on the US Federal Reserve and escalating global instability.

Fabio De Masi, a former European Parliament member with Germany’s Left Party (Die Linke) who recently joined the left-wing populist BSW party, told the Financial Times there were “strong arguments” for relocating more gold to Europe or Germany “in turbulent times.”

Germany and Italy currently hold the world’s second- and third-largest national gold reserves after the United States, with holdings of 3,352 tonnes and 2,452 tonnes respectively, according to the World Gold Council.

Both countries rely heavily on the New York Federal Reserve as a custodian, with each storing over one-third of their reserves in the United States. According to FT estimates, the combined value of that bullion exceeds $245 billion.

This arrangement is rooted in historical precedent, but also reflects New York’s status as one of the world’s top gold trading hubs alongside London.

Related News

Rutte: Secondary tariffs on Russia would impact China, India, Brazil

US urges 'Israel' to halt Syria airstrikes, Tel Aviv pledges to stop

Europe bringing its gold back home?

Nonetheless, Trump’s unpredictable policymaking and broader geopolitical unrest are fueling renewed public debate in parts of Europe over the wisdom of storing sovereign gold abroad. Earlier this month, Trump warned he might be forced to “do something” if the US central bank did not lower interest rates.

The Taxpayers Association of Europe (TAE) has sent formal letters to the finance ministries and central banks of both Germany and Italy, urging officials to reconsider their reliance on the Federal Reserve for gold custody.

“We are very concerned about Trump tampering with the Federal Reserve Bank’s independence,” TAE president Michael Jäger told the Financial Times.

Uncertainty is the word

The Federal Reserve confirmed on Wednesday that it had maintained the targeted federal funds rate at a range of 4.25% to 4.5% after its rate-setting open market committee's latest two-day meeting, while stating that uncertainty about the economic outlook had diminished but remained elevated.

The closely watched "dot plot" revealing policymakers' rate projections showed most officials anticipate at least two rate cuts in 2025, followed by additional reductions in subsequent years, though disagreement persists about the path ahead as seven of the nineteen committee members expect no rate cuts whatsoever this year.

Chair Powell noted diverse committee views on economic forecasts and policy responses, while the Fed's statement acknowledged solid economic expansion and low unemployment despite elevated inflation, attributing recent volatility partly to trade fluctuations.

The central bank has maintained its policy independence despite pressure from the White House, with Powell emphasizing during his recent meeting with the president that the Fed's decisions would be guided solely by economic data and its implications for the future outlook.

  • United States
  • Italy
  • Germany
  • Federal reserve
  • jerome powell
  • New York
  • Donald Trump
  • Gold
  • Europe

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025
This satellite image from Planet Labs PBC shows damage after an Iranian attack at the al Udeid Airbase outside of Doha, Qatar, June 25, 2025 (Planet Labs PBC via AP)

Satellite images show Iran attack damaged US comms dome in Qatari base

  • Politics
  • 11 Jul 2025
An Israeli soldier abandons an excavator during an ambush by al-Qassam Brigades. Arabic text reads "The moment the soldier fled", July, 10, 2025 (Al Qassam Military Media)

Israeli media rue al-Qassam footage, alarmed by fighters among troops

  • Politics
  • 11 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Syrian government forces deploy at the Mazraa village on the outskirts of city of Sweida, where clashes erupted between Bedouin clans and Druze factions, southern Syria, Monday, July 14, 2025 (AP)
Politics

Gulf-backed negotiations underway in Syria's Sweida to end clashes

UN: 798 Palestinians killed while trying to reach aid in Gaza
Palestine

UN: 798 Palestinians killed while trying to reach aid in Gaza

A damaged car is seen at a field that was hit in an Israeli airstrike in Nabi Sheet village, in Lebanon's eastern Bekaa Valley, Wednesday, August 21, 2024 (AP)
Politics

Hezbollah condemns Israeli Bekaa massacre, urges action from Lebanon

Palestinians walk next to the closed humanitarian aid distribution center of UNRWA, the UN agency helping Palestinian refugees in Jabaliya, Gaza Strip, on Tuesday, April 29, 2025 (AP)
Politics

Israeli regime cuts electricity, water supplies to UNRWA Gaza offices

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS