European Central Banks Flee U.S. Gold Vaults Amid Geopolitical Unrest

Central banks in Europe are pulling billions of dollars' worth of gold out of U.S. vaults, with the Dutch and French central banks removing a combined 215 tonnes since mid-2025.

The Netherlands transferred its gold to London, while France brought back its share from the New York Federal Reserve's underground vault. Germany holds the world's second-largest gold reserve at 3,352 tonnes but has yet to move any of it out of U.S. custody.

Analysts point to 2022 as the turning point when Russia's foreign-exchange reserves were frozen, showing governments that assets parked abroad can be cut off overnight. The Federal Reserve's vault beneath 33 Liberty Street alone still holds roughly 6,300 tonnes of foreign-owned gold, worth over $800 billion at today's prices.

The current wave of repatriation is moving faster and more visibly than earlier rounds, with the share of central banks that still keep any gold at the New York Fed slipping to 14% from 17% over the past year, according to a World Gold Council survey.