European Banks Flee US Gold Reserves Amid Geopolitical Uncertainty

European central banks are increasingly focused on storing their gold reserves closer to home due to growing concerns over the security and accessibility of assets held in the United States. The Dutch central bank recently moved about 86 tonnes (95 US tons) of gold from New York to London, citing 'geopolitical unrest' as a key factor.

The decision by the De Nederlandsche Bank (DNB) is part of a larger trend among European governments to prioritize accessible gold in liquid global markets. France also removed its remaining gold exposure from the New York Federal Reserve between July 2025 and January 2026, with Bank of France Governor François Villeroy de Galhau stating it was not politically motivated.

Several politicians in Germany and Italy have called for their countries' gold to be taken out of the US amid concerns over the Trump administration's unpredictable policymaking and growing antipathy toward the European Union. Analysts say that while outright seizure of assets is an 'extremely remote risk,' there are growing concerns about ease of access in an age of geopolitical uncertainty.

Central banks around the world have been buying more gold since the 2008 global financial crisis, with a recent survey by the World Gold Council finding they've accumulated an average of 1,000 tonnes over the past four years. As Gopaul from the World Gold Council notes, 'gold has come into sharper focus as a safe haven asset' due to sustained geopolitical upheaval and conflict.