In Reply to: News and stuff on the day of the Sun. * posted by mh on September 06, 2026 at 11:29:12
"World's biggest soverign wealth fund plans to cut US Treasure Holdings"
Past 72 hours.@CNBC @BBC @business pic.twitter.com/WdRTdQZoyp
— Carl Quintanilla (@carlquintanilla) September 4, 2026
NEARLY A CENTURY AGO, our European allies evacuated their gold to America to safeguard it from the Nazis. Today, some European countries are taking it back—apparently to protect it from Donald Trump.
I wish this were a gag about our president’s garish tastes.
It is not.
In a frightening sign of just how much trust has been lost between the United States and its erstwhile allies, billions of dollars of gold reserves are being repatriated or otherwise moved out of Trump’s reach.
Yesterday, the Dutch central bank announced that it had shifted about $12 billion of gold reserves held mostly in New York over to London vaults instead.1 This follows a similar move by France’s central bank, which recently sold off about $15 billion of bullion held in New York, replacing it with gold bars stored in Paris instead. And for the past year, Germany and Italy—the second- and third-largest holders of gold reserves, respectively, after the United States—have been debating whether to pull their gold from U.S. vaults, too.
I initially assumed this must have had some boring technical explanation—until I talked to the experts and learned just how truly insane the story is.