Dutch and French Gold Reserves Repatriated Amid Geopolitical Concerns

The Netherlands has decided to withdraw gold reserves from the United States, influenced by growing geopolitical tensions. The Dutch Central Bank (DNB) announced that 86 tons of its gold reserves are being relocated from New York and Canada to London. This strategic move is intended to ensure quicker deployment in emergency situations. The DNB’s reserves in New York and Ottawa have been reduced to 18.5% each, while London’s share has risen to 32.1%. 30.8% of the gold continues to be stored within the Netherlands.

Following the Netherlands’ actions, France repatriated its gold earlier this year. The Banque de France sold 129 tons of U.S.-held gold reserves between July 2025 and January 2026, which constituted 5% of its total reserves. These funds were then used to purchase new gold adhering to European standards. Now, France’s total gold reserves amount to 2,437 tons, securely held in Paris.

This trend is not completely new. In 2017, Germany’s Bundesbank transported 300 tons of gold from the Federal Reserve Bank of New York to its vaults in Frankfurt. This was part of a significant initiative to store most of the nation’s gold domestically. Although 36.6% of Germany’s gold remains in New York, France’s entire reserve of 374 tons was retrieved.

Germany and Italy, amidst domestic and political calls, resisted repatriating around $245 billion worth of gold from U.S. storage last year. These countries hold the second and third largest gold reserves globally, with Germany possessing 3,352 tons and Italy 2,452 tons. Italy keeps approximately one-third of its reserves in New York.

Venezuela previously repatriated about 160 tons of gold reserves from international banks, including those in the U.S., back to Caracas by 2012 during President Hugo Chavez’s tenure.

This situation is evolving and further updates will follow.