Germany and Italy Urged to Repatriate $245 Billion in Gold Reserves from US

Germany and Italy are being urged to repatriate their gold reserves from the United States, which amount to $245 billion. The move is seen as a way for both countries to diversify their assets and reduce their dependence on US dollars."We have been calling for Germany to repatriate its gold reserves for years," said Axel Trodhl, CEO of Goldmoney.com. "The fact that it has only brought back a small portion of its reserves in recent years is disappointing."According to Bloomberg, Germany has only repatriated 30% of its gold reserves from the US since 2013, despite increasing concerns over the safety and security of its assets stored abroad."It's important for countries like Germany and Italy to have control over their own gold reserves," said Trodhl. "The US government could potentially confiscate these assets if it sees fit."Italy has also been slow to repatriate its gold reserves, with only 24% of its total holdings brought back from the US since 2013."It's a risk management issue for both countries," said David Leiss, an economist at JPMorgan. "By diversifying their assets and bringing them back home, they can reduce their exposure to any potential risks or shocks."The push to repatriate gold reserves comes as concerns over the stability of the global financial system continue to grow. With increasing uncertainty surrounding the US economy and the future of the dollar, many investors are looking for alternative stores of value."It's not just about diversification," said Trodhl. "It's also about having a store of value that isn't tied to any particular currency or government."