Spain Weighs Gold Repatriation as Dollar Risks Rise
Spain's central bank is considering whether to repatriate its gold reserves from the United States. With rising concerns about geopolitical unrest and the weaponization of the dollar, several countries have been moving their gold back home.
The Bank of Spain holds approximately 289 tonnes of gold, making it the sixth-largest reserve among EU countries. However, it is unclear how much of this gold is stored in New York or if there are plans to move it.
According to sources speaking to El País on condition of anonymity, most of Spain's gold is likely held within Spanish borders, but a growing chorus of voices is pushing for repatriation. Instituto de Estudios Bursátiles professor Luis Garvía argued that bringing the gold home would be part of the European Union's strategic autonomy framework.
The trend of gold repatriation has been driven by concerns about potential sanctions and counterparty risk. The freezing of Russian assets abroad in 2022 sparked alarm bells, and many central banks are now considering holding their gold reserves within their own countries' borders.