The trigger: Trump's return brought tariff threats, Fed overhaul talk, and erratic foreign policy. German economists are now publicly saying their gold "is no longer safe" at the Fed.

But this goes deeper than politics. The US froze Russian assets post-Ukraine and threatened sanctions on EU allies. When the reserve currency country weaponizes the financial system, everyone recalculates.

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The numbers tell the story. Central banks bought over 1,000 tonnes of gold annually in 2024 and 2025 — double the historical average. Gold just surpassed US Treasuries as the largest component of global reserves for the first time since 1996.

China, India, Poland, and dozens of others are quietly restructuring their reserves away from dollars. Germany joining this trend would be the biggest signal yet.