Core Viewpoint - The article discusses the impact of policy changes from the Trump administration on international financial markets, highlighting the potential challenges to the US dollar's dominance and the rising significance of alternatives like gold and the euro [2]. Group 1: Gold and Bitcoin - Gold prices have surged from just over $1800 per ounce at the beginning of 2023 to over $3300 by May 2025, marking an increase of over 80% [2]. - Bitcoin has also seen a resurgence, but it lacks the global recognition and status of gold, making it less relevant in this context [2]. Group 2: Eurozone Expansion - Croatia joined the Eurozone in 2023, becoming the 20th country to adopt the euro, which reflects the determination of major Eurozone countries to strengthen the euro [5]. - The accession of Croatia, despite its small population of under 4 million, indicates the ongoing appeal of the Eurozone for Eastern European and Balkan nations [5]. Group 3: Economic Benefits of Eurozone Membership - Joining the Eurozone has provided Croatia with several benefits, including reduced exchange rate risks for trade with Eurozone countries and lower financing costs for domestic businesses [5]. - Croatia's oil and gas exports have increased significantly, coinciding with its Eurozone membership, as it aims to become a global energy hub [6]. Group 4: Germany's Gold Repatriation - Germany has begun repatriating gold stored in the US, a move that has garnered significant attention in international financial markets [6][8]. - Approximately one-third of Germany's gold reserves are held in the US, and the repatriation is seen as a response to geopolitical changes [8]. Group 5: Implications for the Euro - The geographical shift of gold reserves back to Europe could strengthen the euro's issuance backing, potentially stabilizing its value during international political crises [11]. - Despite these developments, the US dollar remains the preferred global safe-haven asset due to its liquidity and the ability of central banks to intervene during market crises [11]. Group 6: Currency Reserve Trends - As of the end of 2024, the dollar's share of global foreign exchange reserves has dropped to 57.4%, the lowest in 30 years, while the euro's share has risen to 20.02% [12]. - The growing ambition of the Eurozone to enhance its global standing cannot be overlooked in the context of international trade and geopolitical dynamics [12].