Concerns over geopolitical stability and crisis access are prompting European central banks to relocate gold reserves from the US to more liquid hubs like London.
Key facts
- •The Dutch central bank moved 86 tonnes of gold from New York to London to improve crisis preparedness.
- •France removed its remaining gold exposure from the New York Federal Reserve between July 2025 and January 2026.
- •Central banks have accumulated an average of 1,000 tonnes of gold annually over the past four years, doubling the previous decade's average.
- •The Bank of England holds an estimated 400,000 gold bars, valued at approximately $270 billion.
- •The German Bundesbank still holds over 1,000 tonnes of gold in the United States.
European central banks are increasingly relocating gold reserves from the United States to Europe and other jurisdictions. The Dutch central bank recently moved 86 tonnes of gold from New York to London, citing geopolitical unrest and a need for improved crisis preparedness. France also removed its remaining gold exposure from the New York Federal Reserve between July 2025 and January 2026.
By the numbers
Motivations for Relocation
While analysts suggest the risk of asset seizure is remote, central banks are prioritizing liquidity and accessibility in the event of extreme sanctions or geopolitical crises. Experts from the World Gold Council and Oxford Economics note that institutions are focusing on holding assets in major trading hubs, such as London, to ensure they can be quickly mobilized during periods of stress. This shift reflects a broader trend of central banks re-evaluating where and how they store strategic reserves.
Political and Financial Concerns
Some politicians in Germany and Italy have called for the repatriation of gold held in the US, citing concerns over the Trump administration's policies and rhetoric toward the European Union. Beyond geopolitical tensions, financial market concerns—including US government debt and inflation—are influencing asset management. Notably, the manager of Norway's $2.3 trillion sovereign wealth fund recently stated a need to reduce exposure to US treasuries.
Ongoing US Custodianship
Despite these shifts, the United States remains a significant custodian of European gold. The German Bundesbank, which moved 300 tonnes of gold back to Germany between 2013 and 2017, still maintains over 1,000 tonnes in the US. In a statement last year, the Bundesbank affirmed its trust in the New York Federal Reserve as a partner for safekeeping its reserves.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Deutsche Welle Business.
