safety

As the Trump administration ploughs forward with its incendiary policies, European trust in the US government is fading.

Amid tariff threats and pledges to conquer Greenland, citizens and politicians in Europe are unsettled — questioning a long-standing alliance.

Marie-Agnes Strack-Zimmermann (FDP), chair of the Defence Committee in the EU Parliament, claims to have an answer that is “worth its weight in gold”. In this case, the expression is more literal than figurative.

Around 1,236 tonnes of German gold, worth more than €100bn, are sitting in vaults in the US. Strack-Zimmermann has now announced that, in view of Trump’s recent political manoeuvres, it’s no longer justifiable to leave them be. This has reignited a fierce debate: to retrieve or not to retrieve?

The demand to bring gold back to Germany has been around for a long time, with some surveys suggesting that many citizens are in favour of the move. Similar debates are happening in Italy, which has the third-largest gold reserves in the world after the US and Germany.

Why does Germany hold gold in the US?

Germany’s gold reserves amount to around 3,350 tonnes. About 36.6% of this is in the US, a legacy of the Bretton Woods system of fixed exchange rates after World War II.

“At the time, all exchange rates were tied to the dollar, and the dollar was tied to gold,” Dr. Demary, senior economist for Monetary Policy and Financial Markets at the German Economic Institute (IW), told Euronews.

“Germany had large export surpluses with the US, so we accumulated a lot of dollars. To keep exchange rates stable, we exchanged those dollars for gold. That’s how these reserves were built up.”

During the Cold War, it was also practical to store gold abroad, as the US was considered a safe place in case of conflict with the Soviet Union. Over the years, some gold has been repatriated. By 2017, 300 tonnes were brought back from New York, 380 tonnes from Paris, and 900 tonnes from London.

This was part of a Bundesbank plan, unveiled in 2013, to store half of Germany’s gold reserves in Germany from 2020 onwards.

Bringing in the gold treasure: What are the risks?

Strack-Zimmermann and other politicians and economists cite Trump’s unpredictable trade and foreign policy as the reason for moving the gold out of the US.

“Of course, there is always some risk when you keep assets abroad,” said Demary. For example, there is a storage risk if a break-in occurs. But this risk exists whether the gold is stored abroad or in Germany.

“Another possible scenario is that the US government, due to tight currency reserves, could prevent the gold from being transferred,” he explained.

To ensure the safety of gold holdings, the Bundesbank has had to make frequent trips to New York in the past to take an inventory.

“It makes sense to leave this gold in the US in case we have a banking crisis here and need to obtain dollars,” said Demary.

Retrieving the gold could not only be logistically complex, but also risky.

“The gold would have to be transported in armoured vehicles onto a ship, which would also need to be guarded, and then brought back to Frankfurt under security,” added Demary. “There could be robberies, the ship could sink, or the cargo could be seized.”

Is Strack-Zimmermann’s demand pure populism?

Is Strack-Zimmermann’s demand pure symbolic politics? “I think so,” said the economist. “Perhaps it was a political move in response to the tariff threats, saying, ‘We’re bringing our gold back now.’”

According to the economist, it is also possible that Strack-Zimmermann estimated the magnitude of this gold value to be somewhat greater than it really is. In any case, the gold is currently safe in New York, even if Trump wanted to use it to exert pressure on Germany.

“The Federal Reserve is actually independent in its monetary policy. The US government cannot simply intervene. They would have to change laws first,” explained Dr Demary.

Even in the absolute worst case, if the US refused to release the gold, there would still be the option to go to court and enforce its return or receive compensation in dollars, said Demary.

“You have to weigh up the pros and cons and I would say the advantages of leaving the gold in the US outweigh the disadvantages,” he told Euronews.

Jan. 30 (UPI) — While Russia and Ukraine continue targeting each other’s energy infrastructure amid their war, the International Atomic Energy Agency leader said backup systems are critical for ensuring safety.

IAEA Director General Rafael Grossi on Friday told the agency’s board of governors the war in Ukraine is nearing its fifth year and poses the world’s greatest risk for a nuclear accident.

Ukraine has 15 nuclear reactors that generate about half of the nation’s electricity, and Russia has 36 operable reactors that generate up to 20% of its electricity, according to the World Nuclear Association.

The number of reactors in the two warring nations highlights the need for backup systems in those nations and all others that contain nuclear reactors to prevent accidents and ensure reliable off-site power, Grossi said.

“There must be secure off-site power from the grid for all nuclear sites,” he told the board of governors.

Grossi cited Russia’s control of the Zaporizhzhya Nuclear Power Plant in southeastern Ukraine as especially troubling, saying “all efforts should be made to ensure off-site power remains available and secure at all times.”

The nuclear power plant is Europe’s largest and was reconnected to its last active power backup system on Jan. 19 after undergoing repairs amid a temporary cease-fire between the two nations.

The backup system helps to ensure the reactor is cooled and supports other important safety systems, which Grossi said must remain “available and secure at all times” to prevent a nuclear accident.

It went offline after being damaged on Jan. 2 due to military actions, which forced the facility to rely on its main power line to cool its six shutdown reactors and spent-fuel pools.

The IAEA also is monitoring the facility’s ability to operate during the winter months, including ensuring water does not freeze its respective cooling and sprinkler ponds.

Grossi also warned of a potential calamity if some or all of Ukraine’s electrical substations were to go offline.

“Damage to them undermines nuclear safety and must be avoided,” Grossi said, adding that a group of agency experts are examining 10 substations amid Russian military strikes on Ukraine’s power infrastructure.

Other nuclear facilities that pose significant concerns include Ukraine’s Chernobyl site, which recently relied on diesel-powered generators to supply backup power until repairs were completed on its damaged substation power lines.

While the IAEA and others have managed to prevent a nuclear accident amid the ongoing war, Grossi said the “best way to ensure nuclear safety and security is to bring this conflict to an end.”

Russian attacks on Ukraine’s electrical substations could cut power to nuclear plants, increasing risks of meltdown.

The United Nations nuclear watchdog has held a special session on Ukraine amid growing fears that Russian attacks on its energy facilities could trigger a nuclear accident.

Rafael Grossi, director-general of the International Atomic Energy Agency (IAEA), said at the start of Friday’s extraordinary board meeting in Vienna that the war in Ukraine posed “the world’s biggest threat to nuclear safety”.

The meeting was held as an IAEA expert mission conducted a weeks-long inspection of 10 electrical substations that Grossi described as “crucial to nuclear safety”.

Although nuclear power plants generate power themselves, they rely on an uninterrupted supply of external power from electrical substations to maintain reactor cooling.

Ukraine has four nuclear power plants, three of them under Kyiv’s control, with the fourth and biggest in Zaporizhzhia occupied by Russian forces since the early days of their full-scale invasion in 2022.

Moscow and Kyiv have repeatedly accused each other of risking a nuclear catastrophe by attacking the Zaporizhzhia site.

The plant’s six reactors have been shut down since the occupation, but the site still needs electricity to maintain its cooling and security systems.

Earlier this month, Russia and Ukraine paused local hostilities to allow repairs on the last remaining backup power line supplying the plant, which was damaged by military activity in January.

Ukraine is also home to the former Chornobyl plant, the site of the world’s worst nuclear accident in 1986. The site’s protective shield containing radioactive material was damaged last year in a drone strike allegedly carried out by Russia.

Status of energy ceasefire unclear

The four-hour IAEA meeting, which aimed to increase pressure on Russia, was called at the request of the Netherlands, with the support of at least 11 other countries.

Russia’s “ongoing and daily” attacks against Ukraine’s energy infrastructure in recent weeks have caused significant damage, Netherlands’ Ambassador Peter Potman told the board.

“Not only does this leave millions of Ukrainians in the cold and dark during a very harsh winter, but it is also … bringing the prospect of a nuclear accident to the very precipice of becoming a reality,” he said.

Ukraine’s ambassador, Yuriy Vitrenko, said it was “high time” for the IAEA to “shine an additional spotlight on the threat to nuclear safety and security in Europe” caused by Russia’s “systematic and deliberate” attacks.

Russian Ambassador Mikhail Ulyanov dismissed the board’s gathering as “absolutely politically motivated”, adding there was “no real need to hold such a meeting today”.

The status of a current weeklong moratorium on attacks targeting energy infrastructure is currently unclear.

United States President Donald Trump said Thursday that Russia had agreed to his request not to attack Ukraine’s energy infrastructure for a week.

On Friday, Ukrainian President Volodymyr Zelenskyy confirmed that neither Moscow nor Kyiv had conducted strikes ⁠on energy targets from Thursday night onwards.

However, Kremlin spokesman Dmitry Peskov later suggested the pause in attacks would end on Sunday.

Gold has risen more than 20% since the start of the year, surpassing the significant $5,500 milestone this week.

The precious metal’s rally, seen alongside a lift in commodities such as silver and platinum, is driven by a number of interlinking factors — including geopolitical tensions, rising government debt, and an uncertain outlook for interest rates and inflation.

Gold’s appeal is linked to the narrative that it is a safe haven asset, acting as a “hedge against inflation”. It typically increases in value when the dollar declines, it’s easily sold, and it’s also a tangible, finite commodity.

These factors are significant at a time when questions are being raised about the dollar, as well as fiat currencies like the Japanese yen. As government debt rises, so do fears around inflation and fiscal stability.

In the US, incendiary policies from the Trump administration are increasing market jitters around the health of the economy, prompting what some analysts view as a “sell America” trade. In recent weeks, the president has threatened to conquer Greenland, hinted at US intervention in Iran, sought to influence policy at the Federal Reserve, and launched an attack on Venezuela. To top that off, he’s also threatened more tariffs on trading partners, bringing back a well-worn tactic from 2025.

Although analysts argue that the dollar will not be unseated as the world’s reserve currency anytime soon, it seems investors are diversifying away from the greenback. The US’ next moves remain uncertain, and no one wants to be caught in the crosshairs. As an alternative to fiat currencies, gold may seem like a strong portfolio option.

“Investors previously bought US Treasuries as they were viewed as being quite risk-free. But especially because of the way that some wealth has been weaponised, certain countries are becoming more careful about how they allocate their capital,” said Simon Popple, managing director at Brookville Capital. “The dollar debasement helps the gold price,” he told Euronews.

Even so, Popple and other analysts stress that a major factor lifting the bullion price is far less complicated. As gold continues to make headlines, investors are caught up in the momentum, sparking a buying frenzy.

“People are naturally drawn to things they see moving and they’ve seen gold have an astonishing rally,” said Chris Beauchamp, chief market analyst at IG. “It’s bound to lead to an ignition of interest.”

He added that while gold has beneficial investment properties, the metal’s ability to hold its value is overstated, particularly in the short term. Gold’s position in the market notably shifted after former US president Richard Nixon decided to end direct dollar convertibility to gold in 1971. Put simply, countries no longer fixed their currencies to a specified amount of the precious metal.

“The gold standard is still invoked to suggest the metal is some kind of totemic asset we should have because it’s a fixed store of value. It’s not,” concluded Beauchamp.

Kenneth Lamont, a principal in Morningstar’s Manager Research Department, reiterated this message, also drawing comparisons between gold and crypto. While both are limited in supply, they are both “incredibly volatile”, he stressed.

“If you’re using either crypto or gold to buy something, it might be 30% less from one day to the next. It’s not actually a good store of value in the short term.”

While gold is much more established than bitcoin, and it has historically performed well over the long term, analysts stress that the unpredictability of both assets means the death knell is not yet ringing for fiat currencies.

Whether bullion’s price will continue to climb in the immediate future is a guessing game. Even so, given the precarious nature of global politics, it seems the metal may still have further to run.

CLEVELAND — Luka Doncic grabbed at his left leg. He immediately thought of Dru Smith. The Miami Heat guard’s knee injury suffered in 2023 when he slipped off the side of the Cleveland Cavaliers court haunted Doncic while he winced in pain near the Lakers bench.

The Lakers superstar avoided serious injury after falling off the side of the Cavaliers’ raised court on Monday, but the threat of a player being hurt by Cleveland’s unique 10-inch drop off between the court and the arena floor came into focus again during the Lakers’ 129-99 loss to the Cavaliers.

“It is absolutely a safety hazard,” Lakers coach JJ Redick said after Doncic was able to return later in the first quarter. “And I don’t know why it’s still like that. I don’t. You know, you can lodge formal complaints. A lot of times you don’t see any change when you lodge a formal complaint.”

Doncic was injured shooting a fadeaway three with 7:58 left in the first quarter. He was hopping on one foot after releasing the shot and hopped right off the platform, grabbing immediately for his left leg. When he hobbled to the locker room, Doncic could barely put any weight on his leg.

But he returned with 1:32 remaining in the first quarter and finished with 29 points, six assists and five rebounds. He didn’t have any additional braces or wraps on his left leg, but he said he didn’t feel quite 100%.

“I kind of got scared,” Doncic said. “It wasn’t a great feeling and looking back at the video I think I got a little bit lucky. It hurts obviously more now, but, just, I tried to go.”

Smith was injured much more severely in 2023 when he was closing out on defense, landed on a stat sheet and slipped over the edge. He suffered a season-ending anterior cruciate ligament sprain in the accident, and the Heat contacted the NBA to express concerns about the floor at the time.

“It’s tough to see another player get hurt on this court, with the fall, with the drop off,” Lakers guard Gabe Vincent said Monday, “so hopefully something can get fixed with that, but we’re fortunate that [Doncic] is OK.”

Cleveland’s Rocket Arena, which opened in 1994 and was last renovated in 2019, is also home to the Cleveland Monsters, an American Hockey League affiliate of the Columbus Blue Jackets. The basketball court is raised to accommodate the ice underneath the floor. But several teams in the NBA, including the Lakers, share their arena with hockey teams and none have a court that drops off like Cleveland’s.

“It’s the only court like this so, I guess it’s my fault,” Doncic said. “I [gotta] stop jumping like that.”

The Lakers have history with concerning courts this year. In November, Doncic said during a postgame news conference that the Lakers’ custom NBA Cup court used during a home game against the Clippers was dangerously slippery. The team flagged the problem to the league and the Lakers did not use the court again because it was not deemed safe for play in time for the other NBA Cup games.

But when asked if there was a way he could bring the latest problem up with the league, Doncic demurred.

“I don’t know,” Doncic said, “don’t involve me in that.”

Similarly, Redick said any changes would be “way above my pay grade.”