Deep in the heart of Manhattan, New York, 24 meters underground, lies a dazzling 'golden mountain' of 460,000 gold bars. Each bar weighs 15 kg and is worth approximately 2.2 billion KRW, totaling over 1,000 trillion KRW in value. Interestingly, the owner of this massive gold reserve is not solely the United States. The gold owned by the U.S. accounts for only 2% of the total, with the remaining gold entrusted by central banks from around the world for safekeeping.

Recently, Marco Wanderwitz, a member of Germany's next government, stirred international waters by asserting that "1,200 tons of gold stored in the United States must be brought back to Europe." Germany holds a total of 3,355 tons of gold, with a staggering 35% of this amount lying dormant in the underground vault of the Federal Reserve Bank of New York. Germany is not alone; several other nations, including Japan (846 tons) and the Netherlands (612 tons), also keep their gold in New York.

Why do countries around the world entrust their gold to the United States? The primary reason is 'security.' Boasting the world's strongest military power, the United States is a nation that no other country can easily attack. Furthermore, the underground vault of the Federal Reserve Bank of New York, situated 24 meters below the bedrock of Manhattan Island, is known as the world's most secure vault. A 3-meter high, 90-ton steel door safeguards the gold from any external threats. Unlike currency, gold is a 'safe asset' whose value does not easily fluctuate. Its quantity cannot be artificially controlled like currency, allowing it to maintain its value over time.

However, Germany's recent demand for the return of its gold indicates a wavering trust in the 'security' provided by the United States. The protectionist trade policies of a previous U.S. administration, which imposed high tariffs on European products, caused unease in the international community. Tariffs raise the prices of imported goods, leading to a decrease in consumption in the importing country and losses for the exporting country. Such actions by the U.S. have fueled distrust among European nations, including Germany.

Germany's request for gold repatriation transcends a simple economic act, revealing the complex dynamics of international politics. The weakening of U.S. international influence and the fracturing of the multilateral order are causing changes in the asset protection strategies of various nations. Germany's case highlights a reassessment of the premise of safely storing safe assets and will serve as a significant variable in the formation of a new international order. South Korea also holds 104 tons of gold at the Bank of England, and it is becoming increasingly necessary for each country to flexibly adjust its asset management strategies in response to changes in the international situation.

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