European countries are pushing to retrieve gold reserves stored in the United States

US President Donald Trump's rhetoric against the Federal Reserve, coupled with escalating geopolitical tensions, has reignited debate in Europe about the need to repatriate gold reserves held in the United States, particularly by Germany and Italy.

In statements to the Financial Times, Fabio De Masi, a former member of the European Parliament for the German Left Party, said there are strong arguments for returning a larger portion of Europe's gold reserves, especially in light of what he described as "challenging times."

Germany and Italy hold the second and third largest gold reserves in the world after the United States, holding 3,352 tons and 2,452 tons of gold, respectively, according to data from the World Gold Council.

A large portion of these reserves are stored in the vaults of the Federal Reserve in New York, where their market value is estimated at approximately $245 billion, according to the Financial Times.

President Trump recently hinted at the possibility of interfering in the Federal Reserve's policies if it does not cut interest rates, raising concerns about the US central bank's independence.

Earlier, US President Donald Trump stated that he would blame the Federal Reserve for any economic weakness resulting from his trade war if the central bank did not cut interest rates soon, according to the Wall Street Journal.

According to the newspaper, Trump "may also seek to delegitimize the historically independent institution in a way that could undermine its effectiveness."   link