00:01Have you seen this shiny metal recently?
00:05After hitting a record high, gold plummeted, losing over 15% of its value.
00:11And silver went even worse, crashing over 30%.
00:15Ouch!
00:16So what caused the crash?
00:19Markets are reacting to Trump's latest nomination for the Federal Reserve,
00:24sparking fears that interest rates might stay higher for longer.
00:28But despite this crash, Europe is still hoarding gold.
00:32But why?
00:33Let's start with central banks.
00:36They buy gold to reduce reliance on the US dollar and to stabilize national economies.
00:42And they buy a lot.
00:44Take Portugal as an example.
00:46They hold almost 400 tons,
00:49which historically is a legacy of selling raw materials to Nazi Germany in exchange for gold.
00:55Then there is Poland.
00:57With Russia's war in Ukraine,
00:59they've been on a buying spree,
01:02now holding 550 tons.
01:04That is already more than the European Central Bank itself.
01:08And finally, Germany.
01:10They own over 3,000 tons,
01:13but with a big number of it sitting in New York.
01:16And with Trump back in power,
01:18German politicians are demanding,
01:20bring our gold home.
01:23And that's Europe.
01:24But what about Europeans?
01:26Gold is seen as a shield protecting your savings
01:29when the value of paper money becomes worth less over time.
01:34Do you remember when your espresso cost you 1 euro?
01:37Good luck buying one now for this price in Brussels.
01:40But as we've seen in the recent days,
01:43it doesn't always have the midas touch to your portfolio.
01:46So why does your reporter buy gold?
01:50Because even if its price falls down,
01:53I still have something shiny to play with,
01:55as opposed to crypto.
01:57You're not a very surprised person.
01:57To do the same things.
01:59To do the same thing.
02:01To do the same thing.
02:02You're listening.
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