Why are European banks moving gold out of United States? - DW.com
Why are European banks moving gold out of United States? - DW.com
Source: DW.com
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DW NOTE
European central banks are repatriating gold held at the New York Fed — a reversal of the postwar settlement that made Manhattan the default vault for sovereign reserves. The proximate cause is sanctions risk: if the US can freeze Russian reserves, it can freeze anyone's. The deeper cause is that monetary credibility no longer flows automatically from Washington to Brussels, and central bankers who spent decades insisting gold was a barbarous relic now want theirs where they can see it.