Core Viewpoint - Serbia's central bank plans to repatriate all its gold reserves to ensure security during times of crisis, marking a significant shift in its gold storage strategy [1] Group 1: Gold Reserves and Storage - Serbia will become the first Eastern European country to hold no gold in traditional storage centers like Switzerland, the UK, and the US [1] - The total gold reserves of Serbia amount to 50.5 tons, with 5 tons purchased from Switzerland in 2024 temporarily stored there, while the rest is held in Belgrade [1] - The initiative to repatriate gold reserves began in 2021 amid rising global uncertainties [1] Group 2: Global Context - Approximately $550 billion of global gold reserves are stored in the Bank of England's vaults in London, which is a central hub for precious metal trading [1] - The New York Federal Reserve also stores gold for several countries, including Germany and the Netherlands [1]

Core Viewpoint - The increasing geopolitical tensions and concerns over the reliability of the U.S. government, particularly under President Trump, are prompting countries like Germany and Italy to reconsider their reliance on the U.S. for gold storage, with calls for repatriation of gold reserves gaining traction [1][3][4]. Group 1: Concerns Over U.S. Gold Custodianship - German and Italian politicians express growing support for repatriating gold reserves due to fears about the reliability of the Trump administration [1][3]. - The World Gold Council reports that Germany and Italy hold significant gold reserves, with Germany possessing 3,352 tons and Italy 2,452 tons, both relying on the U.S. Federal Reserve for storage [1][3]. - The value of gold stored in the U.S. by Germany and Italy exceeds $245 billion [1]. Group 2: Historical Context and Policy Implications - The debate over the safety of storing gold abroad has intensified, with historical context highlighting past movements of gold reserves, such as France's transfer of gold back to Paris in the 1960s [6]. - A grassroots movement in Germany since 2010 has led to a shift in policy, resulting in the repatriation of 674 tons of gold from Paris and New York to Frankfurt [6]. - Despite calls for repatriation, the Deutsche Bundesbank maintains that the U.S. remains a crucial storage location for German gold, emphasizing the importance of having access to reserves for potential currency exchange [7]. Group 3: Central Bank Trends - A survey of over 70 central banks indicates a growing trend towards domestic gold storage due to concerns about access during crises [4]. - Countries like China, France, and Russia predominantly store their gold reserves domestically, contrasting with the practices of Italy and Lebanon, which rely on the U.S. [4].

随着美国总统特朗普屡次抨击美联储且全球地缘政治动荡加剧，德国与意大利正面临将黄金储备从纽约运回的呼声。 本周一项对70多家全球央行的调查显示，鉴于担忧在危机中取用黄金的能力，更多央行正考虑将黄金存储于国内。 曾属德国左翼党、现加入民粹主义政党BSW的前欧洲议会议员法比奥·德马西（Fabio De Masi）对《金融时报》表示，"在动荡 时期，有充分理由"将更多黄金转移至欧洲或德国本土。 世界黄金协会数据显示，德国与意大利分别持有3352吨和2452吨黄金储备，位居全球第二、第三。两国均高度依赖位于曼哈顿 的纽约联邦储备银行作为保管方，各自超三分之一的黄金存储于美国。据《金融时报》计算，两国存美黄金总市值超2450亿美 元。 全球各国央行的黄金储备排行 这主要源于历史原因，同时也反映出纽约与伦敦并列为全球最重要黄金交易枢纽的地位。然而，特朗普反复无常的政策制定及 整体地缘政治动荡，正推动欧洲部分地区就该黄金的存储安全展开公开辩论。本月初，这位美国总统称若美联储不降息，他可 能不得不"强行采取行动"。 在德国，将黄金运输回国的主张正吸引来自左右翼两派的支持。 巴伐利亚基督教社会联盟资深前议员彼得·高韦勒（Pete ...

Core Viewpoint - Germany and Italy are facing increasing calls to repatriate their gold reserves stored in the U.S. amid concerns over geopolitical risks and the independence of the Federal Reserve, with over $245 billion worth of gold stored in New York [1][2]. Group 1: Historical Context - Germany and Italy hold the second and third largest national gold reserves globally, with 3,352 tons and 2,452 tons respectively, primarily stored in the New York Federal Reserve for historical reasons [2]. - The accumulation of gold reserves by Western European countries occurred during the post-World War II economic boom, reflecting trade surpluses with the U.S. and serving as a hedge against potential Soviet threats [2]. Group 2: Political Support for Repatriation - The idea of repatriating gold is gaining support across the political spectrum in Germany, with figures from both left and right advocating for the return of gold to ensure control without third-party risks [3]. - In 2013, the German central bank decided to repatriate half of its gold reserves, transferring 674 tons from Paris and New York to Frankfurt, although 37% of its reserves remain in New York [3]. Group 3: Italy's Policy Shift - Italian Prime Minister Giorgia Meloni, who previously supported the repatriation of gold reserves, has remained silent on the issue since taking office, likely to maintain a friendly relationship with the U.S. [4]. - Current sentiments within Italy suggest that the geographical location of gold storage is of "relative importance," despite concerns about the reliability of the U.S. under the Trump administration [5]. Group 4: Institutional Perspectives - The German central bank emphasizes that it will regularly assess the storage locations of its gold reserves based on safety and liquidity, maintaining that the New York Federal Reserve is a trusted partner for gold storage [5].