德国和意大利想要黄金回家！

Core Viewpoint - The increasing inflation in the United States poses a threat to the safety of gold reserves held by countries like Germany and Italy, prompting discussions about repatriating their gold [1][10]. Group 1: Gold Reserves and Storage - Germany and Italy hold the second and third largest gold reserves globally, with 3,352 tons and 2,452 tons respectively, and over one-third of their gold is stored in the New York Federal Reserve [4][10]. - The value of gold stored in the U.S. by these countries exceeds $245 billion, with Germany storing approximately 1,236 tons, which is about 37% of its total gold reserves [4][10]. - The historical reliance on U.S. storage reflects New York's status as a major global gold trading hub [5]. Group 2: Geopolitical Concerns - The uncertainty surrounding the Trump administration's policies and broader geopolitical tensions have led to public discussions in Europe about the safety of gold stored in the U.S. [6][10]. - Concerns about the independence of the Federal Reserve and potential political interference have fueled calls for repatriation of gold [10][12]. - The European Taxpayers Association has urged German and Italian authorities to reconsider their dependence on the Federal Reserve for gold storage [10]. Group 3: Central Bank Trends - A recent survey by the World Gold Council indicates that 95% of respondents expect an increase in global central bank gold reserves over the next 12 months, the highest level since the survey began in 2018 [1][12]. - Approximately 7% of central banks surveyed plan to increase domestic gold storage, reflecting rising concerns about accessing gold stored abroad during crises [12][13]. - The trend of repatriating gold is not limited to Europe; countries like India and Nigeria have also begun to bring gold reserves back home [12][13]. Group 4: Market Dynamics - Gold has surpassed the euro to become the second-largest reserve asset globally, following the dollar, driven by geopolitical risks and inflation concerns [13][14]. - Since January, gold prices have risen by 30%, doubling over the past two years, as global uncertainty and market volatility increase demand for gold [13][14]. - The World Gold Council's survey indicates that 75% of respondents expect a reduction in dollar reserves held by central banks over the next five years, highlighting a shift in reserve management strategies [14].