this post was submitted on 31 Mar 2025
180 points (98.9% liked)

Europe

5063 readers
1796 users here now

News and information from Europe 🇪🇺

(Current banner: La Mancha, Spain. Feel free to post submissions for banner images.)

Rules (2024-08-30)

  1. This is an English-language community. Comments should be in English. Posts can link to non-English news sources when providing a full-text translation in the post description. Automated translations are fine, as long as they don't overly distort the content.
  2. No links to misinformation or commercial advertising. When you post outdated/historic articles, add the year of publication to the post title. Infographics must include a source and a year of creation; if possible, also provide a link to the source.
  3. Be kind to each other, and argue in good faith. Don't post direct insults nor disrespectful and condescending comments. Don't troll nor incite hatred. Don't look for novel argumentation strategies at Wikipedia's List of fallacies.
  4. No bigotry, sexism, racism, antisemitism, dehumanization of minorities, or glorification of National Socialism.
  5. Be the signal, not the noise: Strive to post insightful comments. Add "/s" when you're being sarcastic (and don't use it to break rule no. 3).
  6. If you link to paywalled information, please provide also a link to a freely available archived version. Alternatively, try to find a different source.
  7. Light-hearted content, memes, and posts about your European everyday belong in !yurop@lemm.ee. (They're cool, you should subscribe there too!)
  8. Don't evade bans. If we notice ban evasion, that will result in a permanent ban for all the accounts we can associate with you.
  9. No posts linking to speculative reporting about ongoing events with unclear backgrounds. Please wait at least 12 hours. (E.g., do not post breathless reporting on an ongoing terror attack.)

(This list may get expanded when necessary.)

We will use some leeway to decide whether to remove a comment.

If need be, there are also bans: 3 days for lighter offenses, 14 days for bigger offenses, and permanent bans for people who don't show any willingness to participate productively. If we think the ban reason is obvious, we may not specifically write to you.

If you want to protest a removal or ban, feel free to write privately to the mods: @federalreverse@feddit.org, @poVoq@slrpnk.net, or @anzo@programming.dev.

founded 9 months ago
MODERATORS
 

https://archive.ph/tnRFB

Can the United States be trusted with Germany’s gold?

Its leader is trying to cripple the country’s most important industry. His deputy thinks it’s a pathetic freeloader. The man who has their ear is throwing what look a lot like Nazi salutes and openly interfering in its elections to support a far-right party that its own intelligence service thinks is a threat to the constitution.

No wonder, then, that some politicians in Germany are worried that what was for decades seen as one of the world’s most reliable storehouses might not be so secure after all.

top 16 comments
sorted by: hot top controversial new old
[–] MrSilkworm@lemmy.ml 32 points 1 day ago

Most of the European Countries "safeguard" their Gold reserves in the USA, specifically in New York.

After the latest shenanigans all of the European gold should be returned , preferably under the authority of the ECB.

[–] metaStatic@kbin.earth 51 points 1 day ago

Something every gold bug knows "if you can't hold it you don't own it"

I hope they had insurance.

[–] Mubelotix@jlai.lu 32 points 1 day ago* (last edited 1 day ago) (2 children)

Are they serious ? The problem of non-existent US gold reserves is 70 years old. France cashed out in the sixties and the gold standard was abolished in 1971 because the US were defaulting on their own bills

[–] Zahtu@feddit.org 19 points 1 day ago

This article is about the German gold reserves, Not the US ones. Germany have Had some gold stored in New York during the cold war, Most of IT transfered Back to Germany in the begining 2000s. But some Portion remained. Every Country has some Form of their reserves stored within other countries (be it gold, prciuos Metals, USD). It's used as Backup or collateral for Trades between countries, in Case of a Default on either Side.

[–] Flemmy@lemm.ee 7 points 1 day ago (2 children)

The gold is in your device.

[–] misk@sopuli.xyz 6 points 1 day ago* (last edited 1 day ago)

That doesn’t really drive its current price though. It’s a fetish for some people who have a problem with current monetary systems in general.

[–] atro_city@fedia.io -1 points 1 day ago

The product of slavery is the device.

[–] Vegetvs@feddit.org 8 points 1 day ago (1 children)

Germany and much of the so-called "free world" have been licking the United States' ass for almost a century. And now that the fragility of their democracy became obvious to see, it's time to wake up to reality.

[–] zenforyen@feddit.org 5 points 1 day ago* (last edited 1 day ago)

I never understood all the love for the US when I was younger, now as an adult with enough experience and cynicism it's clear it's all just very successful propaganda and the power of cultural hegemony.

Europe was sitting very comfortably in the matrix of the US soft power, and good profitable business has been done for and with the wealthy class. But because life of average Joe was still pretty good, this ass licking arrangement looked like a great deal.

Now the rules changed, and if we don't get our shit together real quick, we are also pretty fucked.

[–] TheBat@lemmy.world 9 points 1 day ago (2 children)

Can Germany all for its gold back? Assuming Hans Grüber's brother didn't get it first.

[–] Melchior@feddit.org 6 points 1 day ago

Germany did move gold from New York to Germany a decade ago. It is certainly possible, but obviously takes some time to do right. There might be other brothers after all.

[–] 4am@lemm.ee 3 points 1 day ago

It’s fine, they don’t allow dump trucks on the FDR

[–] petrescatraian@libranet.de 1 points 1 day ago

Would moving to the UK be an option? I remember they were a frequently used option by governments.

[–] MNByChoice@midwest.social 2 points 1 day ago (2 children)

It is easier to buy and sell tons of gold if it is in one place. Then ut can be moved by moving paper.

The gold vaults are inventoried regularly.

Trump is a fool.

[–] notabot@lemm.ee 13 points 1 day ago

All great, until he decides those bits of paper are worthless. Would that be an insane move that would destabilise the whole world economy? Yes. Does that mean he wont do it? I see no reason to assume that.

[–] Melchior@feddit.org 6 points 1 day ago

Exactly, but given the current situation I am sure a lot of potential buyers would prefer the gold to be in a vault in Germany.