European nations are relocating gold reserves from US facilities to Europe and London, citing concerns over geopolitical stability, crisis access, and US policy.
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.
- •The Bank of England holds an estimated 400,000 gold bars valued at approximately $270 billion.
- •Germany still holds over 1,000 tonnes of gold in the US, despite repatriating 300 tonnes between 2013 and 2017.
Several European central banks are moving gold reserves out of the United States, driven by concerns over geopolitical uncertainty and the ability to access assets during a crisis. The Dutch central bank recently transferred 86 tonnes of gold from New York to London, while France removed its remaining gold exposure from the New York Federal Reserve between July 2025 and January 2026.
By the numbers
Motivations for Relocation
The De Nederlandsche Bank cited geopolitical unrest as a primary factor for moving its assets to improve crisis preparedness. Analysts note that while the risk of outright asset seizure is considered remote, there is growing concern that assets held in foreign jurisdictions could become temporarily inaccessible during extreme sanctions or legal scenarios. Beyond geopolitical concerns, some European officials have expressed unease regarding US policymaking under the Trump administration. This has led to calls from politicians in Germany and Italy to repatriate or relocate their gold holdings, which remain among the largest in the world.
Strategic Importance of London
The Dutch central bank chose to move its gold to London rather than the Netherlands to leverage the UK's position as a highly liquid trading hub. Experts explain that in the event of a crisis, proximity to a major market allows central banks to mobilize or trade gold more effectively. The Bank of England currently acts as a custodian for approximately 400,000 gold bars, with an estimated value of $270 billion. This liquidity makes London a preferred destination for European institutions seeking to maximize the flexibility of their reserve holdings.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Deutsche Welle Business.
