European countries pull their gold out of the US as distrust grows
The Netherlands and France are repatriating gold from the US. Musk's promise about Fort Knox came to nothing. Distrust is growing.
English · Original discussion in Spanish · Published
Europe pulls its gold out of the US: distrust in Fort Knox grows
The Netherlands and France have begun repatriating their gold reserves held in the United States. This is not a symbolic gesture: it is a signal of distrust in the solvency of the world's largest debtor. Elon Musk's promise to livestream the Fort Knox reserves came to nothing. And that fuels the theory that the bars are not what they seem.
The tungsten theory
Some analyses suggest the bars could be filled with tungsten, a metal of similar density. The lack of independent audits at Fort Knox does little to dispel doubts. If the US refuses to release the gold, European countries will have to settle for letters of protest. And if US sovereign debt loses credibility, the global financial system wobbles.
The context: the EU and savings accounts
Meanwhile, European Commission President Ursula von der Leyen has proposed "securitising" citizens' savings accounts to put them at the service of businesses. Many see this as a step towards control over private savings. The gold repatriation is a silent power play. If the US fails a country seeking to withdraw its assets, its sovereign debt will be worth less than a Monopoly note. The first country to take the step will show the way.
The Netherlands and France have begun repatriating their gold reserves held in the United States. This is not a symbolic gesture: it is a signal of distrust in the solvency of the world's largest debtor. Elon Musk's promise to livestream the Fort Knox reserves came to nothing. And that fuels the theory that the bars are not what they seem.
The tungsten theory
Some analyses suggest the bars could be filled with tungsten, a metal of similar density. The lack of independent audits at Fort Knox does little to dispel doubts. If the US refuses to release the gold, European countries will have to settle for letters of protest. And if US sovereign debt loses credibility, the global financial system wobbles.
The context: the EU and savings accounts
Meanwhile, European Commission President Ursula von der Leyen has proposed "securitising" citizens' savings accounts to put them at the service of businesses. Many see this as a step towards control over private savings. The gold repatriation is a silent power play. If the US fails a country seeking to withdraw its assets, its sovereign debt will be worth less than a Monopoly note. The first country to take the step will show the way.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (21 replies).
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