For a century, nations stored gold in New York because the United States was where you put valuables when the rest of the world became dangerous. Now European central banks are planning for the possibility that America itself may be part of the risk.

The Netherlands shifted 86 tonnes from New York and Ottawa to London, officially to make the gold more tradable and accessible during a crisis. France sold its remaining 129 tonnes in New York and bought replacement gold in Europe—a move the Banque de France says was “technical”, not political.

None of this means Washington is going to seize Europe’s bullion. DW reports posits that such a seizure remains extremely unlikely. But central bankers do not reposition reserves because disaster is certain. They do it because trust is no longer unconditional. I don’t blame them one bit.

Gold beneath Manhattan, in Fort Knox, was a physical expression of the American-led order: safe custody, stable rules and predictable alliances. Reliability. These changes in policy tell us everything about trust of the United States.