No Faith In U.S.: France Moves Gold Out Of NYC, Germany Faces Similar Calls: Should India Do So Too?
Last month, France did something that would have been unimaginable a few years ago – its central bank, the Bank of France, pulled out its remaining gold reserves held in New York.
France’s official reason was that its gold needed to be upgraded to meet contemporary global standards, but it was easier to buy compliant gold in Europe than to refine and ship the old bars.
What they may not have said out loud, was the desire to move the gold out of the reach of the US, which has not hesitated to weaponise finance and use the US-centric global financial order to serve its own ends and penalize those that differ with it.
Germany, which still holds roughly a third of its gold in New York, faces increasing calls to ship that gold out of the US as Washington’s unilateral actions are stoking distrust, even among its NATO allies, over a possible abuse of its financial powers.
Should India consider doing the same?
#india #gold #donaldtrump
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