Germany and Italy seek to reclaim gold reserves from the United States with more than $245 billion.

Germany and Italy are facing increasing calls to repatriate their gold reserves stored in New York, amid increasing political attacks on US President Donald Trump and a climate of growing geopolitical turmoil.
Fabio De Masi, a former member of the European Parliament, told the Financial Times that there are “strong arguments” for returning a larger portion of gold to Europe or Germany “in times of instability.”
Germany and Italy are the second and third largest holders of national gold reserves after the United States, each holding 3,352 and 2,452 tons of gold, respectively, according to the World Gold Council. The countries rely heavily on the Federal Reserve Bank of New York, each storing more than a third of their bullion there, with a market value of more than $245 billion.
This historical storage is attributed to the emphasis on New York’s position as one of the most important global gold trading centers, alongside London.