What will another countries do?
________________
text behind the page:Европа пытается свое свое золото
author: Prof. W. The President
________________
I have already written about the fact that European countries have begun to accumulate much of their gold reserves in America. European gold began to decision actively across the Atlantic Ocean at the beginning of planet War II. Due to the fact that the 3rd Reich conducted open gold plunder in the occupied territories, after planet War II a standard of gold dollar was introduced in the world. A crucial part of all currency transactions in the planet began to go through the American banking system. Therefore, for the convenience of conducting specified transactions (in which gold was a means of payment equal to the US dollar), European countries (and not only European ones) began to place any of their reserves in the US.
The main location of abroad gold retention in the US became the vault of the national Reserve Bank in fresh York City (ed. national Reserve System, national Reserve, Fed – U.S. central bank, since 1913. private judaic property). In terms of capacity, it is comparable to the celebrated Fort Knox. It is located on 5th Avenue in the fresh York Underground. It is worth noting that the retention of abroad gold is free. abroad gold owners pay only for services related to operations on this gold (when gold is placed or, conversely, removed from the warehouse and erstwhile it is transferred to another owner without being removed from the warehouse). However, they claim that the service charge is purely symbolic.
Neither the U.S. monetary authorities nor the monetary authorities of another countries supply accurate data on the quantity of abroad gold stored in the United States. Public sources say that 507 000 gold bars of a full weight of 6.331 tonnes were placed in the national Reserve Bank vault in fresh York last year. Moreover, 98 percent of the gold came from abroad, or about 6.2 1000 tons. However, experts note that there was much more abroad gold in the national Reserve Bank in fresh York. The summit occurred in 1973, when, according to their estimates, there were about 12,000 tons of gold from another countries in the underground vault on 5th Avenue. https://dzen.ru/aCbw2sYh9yLRdmHo This means that in more than half a century the American gold reserves decreased by about half.
The largest gold reserves in the US were reportedly owned by Germany, which has been ranked second (after the USA) for respective decades in the ranking of countries in terms of gold reserves. In 2013, the Bundesbank decided to store half the reserves in the country and returned 674 tons of gold to its Frankfurt vault from 2014 to 2017. The Bundesbank gold reserves in Paris were zeroed, and about 37% of the full gold reserves remained in fresh York City. In absolute terms it is 1236 tonnes.
Other countries besides began gradually withdrawing gold from the fresh World. Austria and the Netherlands are among European countries. Non-European countries are besides increasingly engaged in gold repatriation. In the first 4th of 2024, 8 non-European countries, including Saudi Arabia, South Africa, Egypt and Nigeria, withdrew their gold reserves in a full of 114 tonnes from the United States.
Since the beginning of this decade, Germany and another European countries have shown small activity in the repatriation of gold from abroad. This calm nevertheless ended with Donald Trump returning to the White House. The relation between the United States and Europe was becoming tense. And in respective directions at the same time.
Firstly, Trump has strained not only Europe but the full planet with its trade protectionism. It is claimed that trade between Europe and the United States has so far been, according to Trump, unjust, as reflected in the large deficit in the US trade balance. Trump decided to remedy the situation by raising import duties on European goods. Trade disputes between the Old and the fresh planet are inactive ongoing.
Secondly, there is no agreement or agreement between the United States and Europe on the war in Ukraine. On economical and military aid issues for the Zelensk regime, anti-Russian sanctions, possible future position of Ukraine, etc. There has besides been no peculiar advancement in overcoming the contradictions between the Old and fresh planet in Ukraine over six months of Trump's presidency.
Thirdly, Trump put quite a few force on Europeans on NATO issues. The 47th president of the United States believes that European US partners in the military block have become accustomed to dependencies: Washington bears most of the defence costs of the block, while Europe has become accustomed to relying on the military power and military aid of America. The NATO Summit, which had just been held, has barely approved the increase in military spending of block associate States to 5% of GDP (out of the current 2% of GDP standard). However, it is already clear that many European countries are not satisfied with specified a hard decision.
The list of issues in which the US and Europe cannot agree can be continued. There are issues that can provoke a “cold war” between the Old and the fresh planet (through “cold war” I mean trade, finance, information, diplomacy, etc.). Never in the present or erstwhile century has the relation between the United States and Europe been so cool. To this should be added the aggravating origin of Trump's unpredictability. He represents a uncommon example of a policy with which it is hard to negotiate.
Europe is so attempting to restructure by preparing for possible "unfriendly" action by the United States, for various "surprises" by the 47th president of America.
For many European countries, 1 of Washington's very painful, hostile actions may be to block gold stored in America. In June, the British “Financial Times” published an article “Germany and Italy pressed to bring $245 billion of gold from the US” https://www.ft.com/content/e393990cc-ea02-4197-843a-1e4c242422cc These countries are second and 3rd in the ranking of countries in terms of gold reserves. The German reserves are 3352 tonnes. Italy has 2,452 tons.
As I noted above, the Bundesbank stores 37% of its gold reserves in America, or 1236 tonnes. The Bank of Italy stores 43% of its gold reserves in America, or 907 tonnes. In total, both countries have around 2.1 1000 tons of gold reserves in America.
Berlin and Rome believe that Trump's hazard of blocking their gold increases due to the fact that the 47th president of the United States seeks to violate the independency of the US national Reserve. It turns out that Berlin and Rome trust the private corp "US national Reserve" more than the US government.
The Financial Times does not state that the German and Italian authorities have already decided to repatriate gold from abroad. The paper reports that a number of political and public figures are pushing the authorities of these countries to do so. 1 of them is Peter Boehringer, a German right-wing politician for the "Alternative for Germany" organization (AfD); since 2017 MP for the Bundestag. From 2018 to 2021, he was president of the budget committee of the German Bundestag. Peter Boehringer was besides 1 of those who prepared the first wave of German gold repatriation in the last decade. "Financial Times" quotes this policy: "Gold is the last chance asset for central banks and must so be kept without hazard to 3rd parties. Not only property rights, but besides physical control of gold matter."
Former Vice-President of the Christian and Social Union (CSU) Peter Gauweiler besides advocated returning the gold. "We request to decide whether the retention of gold abroad has become safer and more unchangeable in the last decade or not," said the politician. He added that given the current geopolitical risk, "the answer to this question is obvious".
The association of European taxpayers addressed the German and Italian finance and central banks with a proposal to return the gold. "We are very afraid that Trump is violating the independency of the national Reserve," said Michael Jäger, president of the association. He stressed that control over gold should belong to European regulators.
The German payer Federation sent a letter to the Bundesbank, calling on him to bring German gold to the country. In particular, it states: “Trump wants to control the national Reserve, which would besides mean controlling German gold reserves in the United States. This is our money; it should be returned."
It is worth noting that, as in the last decade, the Bundesbank is trying to prevent the repatriation of gold from America. In consequence to the fresh Bundesbank initiative, he repeated his mantra: “We have no uncertainty that the national Reserve Bank in fresh York is simply a reliable and trustworthy partner in storing our gold reserves.” Surprisingly, all the discussions in Europe on European gold in America someway contact the American national Reserve.
Observers indicate that 1 of the most energetic supporters of returning Italian gold to his homeland was Giorgi Meloni, the current Prime Minister of Italy. In 2019, the right-wing organization "The Brothers of Italy", led by Meloni, advocated repatriation of gold. She promised to return the gold if it came to power. In late 2022, she took office. Surprisingly, however, she stopped addressing the issue of repatriation of Italian gold. Meloni met Trump, but she didn't rise the question of gold. As observers point out, Mrs Meloni does not want to annoy the American president again and tighten up already hard relations between Italy and the United States. It is hard to tell how the current wave of movement will end in favour of returning German and Italian gold from America. Let me remind you that in 2013, opposition to the repatriation of German gold in Germany itself (mainly from the Bundesbank) was very strong. Yet any of the gold was returned.
PS The article afraid only 2 countries – Germany and Italy, of which, as mentioned above, there are about 2.1 1000 tons in America. However, this represents only a 3rd of all abroad gold stored in the vault of the national Reserve Bank in fresh York City. Unfortunately, barely any information about who owns the remaining part of abroad gold (about 4,000 tons) etc. was found in open sources, and are any countries (except Germany and Italy) trying to bring gold from America to the country?
___________________
choice and crowd: PZ
