France Repatriates 129 Tonne Gold Haul from New York
France's Banque de France has completed a gold repatriation effort from New York to Europe, upgrading its reserves and earning an estimated £11.2 billion ($15 billion) in the process.
The institution sold 129 tonnes of older bullion stored at the Federal Reserve Bank of New York between July 2025 and January 2026, then bought back equivalent tonnage in Europe, ensuring all 2,437 tonnes are now held in Paris. The decision to sell in the US and buy in Europe was driven by practical considerations rather than geopolitics.
The older bars no longer conformed to modern purity and weight standards used in international gold trading, making it expensive to transport them back to France. By selling at peak prices in New York and purchasing equivalent tonnage in Europe as prices eased, the central bank achieved repatriation without moving a single bar across the Atlantic.
The Banque de France described the operation as part of a long-term programme to standardise reserves, with the 129 tonnes representing about 5 per cent of total holdings. The deal was executed through 26 separate transactions, capitalising on gold price fluctuations and resulting in a realised gain that some market observers valued at around £11.2 billion ($15 billion).
The profit from the operation has strengthened the bank's net equity to €283.4 billion (£246.57 billion or $331 billion), providing a solid buffer.