Storage of reserves must be reassessed because US ‘no longer reliable partner of the EU’, say economists
Germany has been urged to withdraw more than £100bn worth of gold from US vaults because Donald Trump’s unpredictability has made the deposits too “risky”.
The country currently stores 1,236 tons of gold, roughly the same weight as three Air Force One jets, at the US Federal Reserve in New York worth around €164bn (£122bn).
Economists and politicians have warned this leaves the vast wealth exposed to the whim of an increasingly erratic US president, who this month alone has threatened Europe with crippling sanctions over Greenland, burst into Venezuela and captured its president, and is poised to launch air strikes on Iran.
As if the EU was ever reliable on any matter.
