Why are European countries moving their gold out of North America?

grey-area

The end of the US hegemony and the unstable regime in the US makes decoupling the best strategy.

grebc

The orange one. Duh.

testing22321

I’d be really interested to see all European countries & Canada dump their US bonds en mass if trump does anything untoward in Greenland, Canada or elsewhere.

CamperBob2

Same reason they moved it out of Germany in 1930-1931?

helsinkiandrew

Good opportunity to post Periodic Videos tour of a Bank of England vault: https://www.youtube.com/watch?v=CTtf5s2HFkA

cc62cf4a4f20

Because America can’t be trusted.

usern20260720

If the European countries had wanted to be independent from the US, they would have adopted the gold standard for their currency

ArtTimeInvestor

The dangerous situation we are in is that entities outside of the USA hold significantly more US assets than US entities own assets outside the USA. So if the USA declares "ownership be damned", it would be a net win for the USA. Or in simpler terms: The USA has been giving out IOUs for real goods for decades. It is now tempting to default on those IOUs. The USA did this before. Up until 1971, a dollar certified a claim to gold. Then the USA simply canceled that promise. The current ramp up to AI dominance might be what holds the USA back from breaking more ties with the world. It is a race that must be won. And investments from abroad help. But when the whole world is operated by US AI factories things might look different. When every task around the world is performed by intelligence generated in the USA, just like every computer is run by US software now - there might be little incentive left to "pay the rent" for the rest of the world that now sits around idle, fiddling their thumbs.

wewewedxfgdf

Lack of trust.

zdc1

Well, why would European gold be stored in America in the first place?

ChrisArchitect

Related: Norway's Oil Fund Proposes Selling Roughly $80B in U.S. Treasurys https://news.ycombinator.com/item?id=49564189 Dutch central bank moves share of gold from U.S., Canada to London https://news.ycombinator.com/item?id=49535526

notorandit

Because it is theirs? Would you keep your food or car in someone else's garage?

howcani

Before asking "why", ask "if".

aurareturn

If there is ever a conflict, US will seize assets of whatever country it is fighting with.

ChrisArchitect

https://archive.ph/NsOz0

j3th9n

So far for "Russia will invade Europe". The USA seems a bigger threat.

oleg_antonyan

Russia had assets in Europe, look what happened to those. We got so naive and relaxed in the abscense of big wars within the "western hemisphere" that some people geniunly forgot what will happen to all of their "assets" when shit hit the fan.

throw34521

Dedollarisation next

noduerme

Most of the major Bitcoin spikes and leveling-up of the price since 2012 have preceded or corresponded with governments tightening controls, and people using BTC they owned or buying it to evacuate capital to more lightly regulated countries. That's also why there hasn't been a Bitcoin rush for awhile, imho... it's no longer very useful for that, now that all the entrance and exit nodes are monitored. Gold is a bit hard to move, but this article may be underselling to what extent the recent spike in gold prices is attributable to demand for that kind of liquidity. The cross-border, anonymous kind. The demise of Localbitcoins actual local meetups and trading for cash was the end of a significant way to move money out of regimes that people suspected were going to take it from them.

Alien1Being

Because keeping your national gold reserves in a Mafia state run by a arbitrary kleptocratic elite is a very bad idea. At this point international trust in the USA is at around the same level as trust in Iran and Russia . China handily beats the USA in the trust rankings in most of the world.