EU countries are withdrawing their gold from the U.S.

▪️“Like Fort Knox” means “completely safe and under reliable security.” That belief is a thing of the past. The perception of the U.S. as a safe place to store gold is rapidly fading, notes the Deutsche Welle (DW)

▪️The Dutch Central Bank has decided to move approximately 86 metric tons of gold from New York to London, highlighting growing concerns about the storage of strategic assets in the U.S. and whether they can be accessed quickly in the event of a crisis

▪️France has already withdrawn its remaining gold from the Federal Reserve Bank of New York

▪️A number of politicians in Germany and Italy—which hold the world’s second- and third-largest gold reserves, respectively—have called for their countries’ gold to be withdrawn from the U.S.

▪️The 2008 global financial crisis was followed by the eurozone sovereign debt crisis, and then by various political crises, a pandemic, as well as prolonged geopolitical upheavals and conflicts, which is why gold has come to be seen as a safe-haven asset, DW emphasizes

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