Will be interesting to see whether this works, or not.
The main reason why many sovereign nations choose to hold their gold reserves in the US is because they put it there with the memory of war in Europe, Middle East, Africa and Asia fresh in their minds.
Remember the looting which went on when the Germans over-ran Poland, France, Switzerland, etc.; when the Japanese invaded China, Singapore, Malaya, etc.?
The US was the strongest democracy in the world, militarily, had a good consistent rule of law. It was deemed unlikely that the nation's treasure could be stolen by an invading army, if it was stored at the Fed Bank of NY.
The UK had a similar reputation, although fading. They had the disadvantage of being closer to potential hostilities, however they had held on grimly in both WWI and WWII, without being successfully invaded. Conversely, they had the advantage of being closer to potential "customers" in Europe, than the Americas were.
At the end of the day, it comes down to one, simple calculation: where is my gold least likely to be stolen?
