A growing political and economic debate is unfolding in Europe, particularly in Germany and Italy, over the security and sovereignty of their vast national gold reserves stored overseas—specifically in the United States, under the custody of the Federal Reserve Bank of New York. Combined, the two countries are believed to hold roughly 2,800 tonnes of gold abroad, worth an estimated $245 billion at current market prices. The majority of that is kept in the US, a practice that dates back to the Cold War era when countries preferred to store gold in the US for security and trade purposes.

Now, however, rising geopolitical tensions, shifting global power dynamics, and recent precedents of US-led financial sanctions have triggered calls to bring these reserves back home. Politicians, economic analysts, and nationalist movements argue that leaving such a critical strategic asset in foreign hands is risky—especially in an era where the US has frozen or sanctioned assets of sovereign nations as part of its foreign policy toolkit.

The concerns are not without precedent. In 2013, Germany began repatriating a portion of its gold reserves from both the US and France, citing public pressure and the need to increase transparency. That initiative saw more than 300 tonnes of gold brought back to Frankfurt. The current movement, however, is larger in scale and broader in implication. It now reflects a wider concern about Europe’s reliance on US financial infrastructure, including payment systems like SWIFT and reserve currencies like the US dollar.

For Italy, whose gold reserves are the fourth-largest in the world, the debate also taps into populist sentiment and national pride. Some Italian lawmakers argue that the central bank’s gold is a national heritage and must be under domestic control at all times. In Germany, similar calls are gaining ground as the country reassesses its post-WWII global alignment in the face of growing global multipolarity.

Analysts quoted in the article point out that while the logistics of moving large amounts of gold are complex and costly, the symbolic impact is significant. Repatriating gold signals a desire for greater autonomy and resilience in the face of what some European leaders see as an unpredictable and increasingly weaponized global financial order.

This trend could mark a deeper shift in the global financial architecture—one where countries seek to diversify reserve holdings, establish more local control over monetary assets, and reduce exposure to the political will of superpowers like the United States. While some central banks remain cautious and view the US as a reliable custodian, the debate has sparked a serious rethinking of trust, control, and independence in global finance.