Jerome Powell / PHOTO: AP ( Ken Silva , Headline USA ) Concerned about a weaponized financial system, many countries have signaled plans to remove their gold and other assets from the U.S. in the wake of the unprecedented Western sanctions imposed on Russia over its invasion of Ukraine .
And at least one congressman is demanding answers from the Federal Reserve as to how much foreign gold has actually been removed from U.S. shores so far.
According to a 2023 Invesco survey , a “substantial percentage” of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves. One anonymous central banker told Invesco that his country quietly repatriated its gold from London, and some 68% of the banks surveyed said they are keeping their gold reserve within their country’s borders—up from 50% in 2020.
The apparent desire of foreign […]
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