Spain Weighs Gold Repatriation Amid US Dollar Sanctions Fears
Spain's central bank is weighing whether to repatriate its gold reserves from the United States, following in the footsteps of other countries like the Netherlands and France. The Bank of Spain holds around 289 tonnes of gold, making it one of the EU's largest gold reserve holders.
The move comes amid growing concerns about the safety of storing gold abroad, particularly with the US dollar's increasing use as a weapon by Western powers. In 2022, the US froze Russian assets worth billions in response to its invasion of Ukraine, sparking fears that other countries' gold reserves could be seized.
According to sources, most of Spain's gold is already stored within its borders, but there are still concerns about the small portion held in New York. Professor Luis Garvía from the Instituto de Estudios Bursátiles (IEB) has argued that repatriating gold is not a nationalist policy, but rather part of the EU's strategic autonomy framework.
Other countries, such as India and Germany, have already made significant efforts to bring their gold reserves home. The Reserve Bank of India repatriated 100 tonnes of gold in spring 2024 and has since brought another 104 tonnes back from UK vaults.