What happened
The Dutch central bank said it shifted about 86 tons of gold from New York and Ottawa to London between March and August, using a mix of market sales and physical shipments to spread risk and strengthen crisis readiness.
France said in April it had finished replacing 129 tons of gold that had been stored in New York for decades, and as a result all 2,437 tons of French gold reserves are now held inside the country.
Germany repatriated 300 tons of gold from the United States between 2013 and 2017 but still keeps 1,236 tons in New York, roughly 37% of its reserves, and confronts rising political calls to bring more gold home.
Why it matters
Analysts point to a growing trust problem: Dutch officials have publicly worried that the United States could disrupt payment transactions, and the use of financial sanctions has led central banks to reassess the safety of keeping assets in US vaults.
The repositioning reflects a change in reserve-management logic, from prioritizing liquidity to also safeguarding asset sovereignty. Over time, this could accelerate global reserve diversification and undermine confidence in a US-dollar-centered system.
Key facts
After the Dutch transfer, gold held by the Netherlands in London rose to 32.1% of its reserves, while the share in New York fell to 18.5%.
France's 129-ton operation was carried out in 26 stages from July 2025 to January 2026, with gold sold in New York and an equivalent amount bought in Europe and shipped to Paris.
Germany brought back 300 tons from the United States between 2013 and 2017, but still holds 1,236 tons in New York, approximately 37% of its total gold stock.
What to watch next
Whether Germany, under mounting political pressure, will follow France and the Netherlands in repatriating more of its gold reserves.
Whether these moves become a broader trend among US allies as concerns about sanctions, US debt expansion, and dollar purchasing power continue to affect central bank decisions.