FT reported on calls for Germany and Italy to withdraw their gold from the United States

Germany and Italy are facing calls to withdraw their $245 billion worth of gold from the United States due to US President Donald Trump's attacks on the Federal Reserve System (FRS), as well as geopolitical risks. This was reported on June 23 by the Financial Times (FT) newspaper, citing former MEP Fabio de Masi.

According to the World Gold Council, Germany and Italy rank second and third in the world in terms of national gold reserves after the United States. Their figures are 3352 tons and 2452 tons. States deposit more than a third of their bullion with the Federal Reserve System (FRS).

Peter Gauweiler, a former conservative MP from the Christian Social Union in Bavaria, believes that the Bundesbank "should not compromise" when it comes to preserving the state's gold reserves.

"We need to answer the question of whether gold storage abroad has become safer and more stable over the past decade or not," he said.

The European Taxpayers Association is also concerned about this issue. It requires the Ministries of finance and the central banks of Germany and Italy to reconsider their decision to store gold at the Fed.

"We are very concerned that Trump is encroaching on the independence of the Federal Reserve Bank. <...> We recommend that [German and Italian] gold be returned home to guarantee European central banks unlimited control over it at any given time," said Michael Yeager, president of the organization.

Glitter and bills: gold predicted to rise to $3,400 per ounce

Who will benefit from this and why medicine and microelectronics may suffer?

The Guardian newspaper reported on June 16 that the price of gold is declining worldwide, indicating a decrease in market concern. According to the publication, the price of gold as of June 16 decreased by 0.5%, to $ 3,415 per ounce. It remains below its historical maximum of $3.5 thousand.