European Central Banks Flee US Gold Reserves Amid Geopolitical Concerns

The perception of the United States as a secure location to store gold is waning among some governments. The Dutch central bank recently moved about 86 tonnes (95 US tons) of gold from New York to London, citing 'geopolitical unrest' and a desire to improve its 'crisis preparedness.'

France also removed its remaining gold exposure from the New York Federal Reserve between July 2025 and January 2026. Bank of France Governor François Villeroy de Galhau said it was not politically motivated, but rather a move to maximize resilience and flexibility of reserve holdings.

The decision by the Dutch central bank highlights growing concerns among European governments about storing strategic assets in the US. Several politicians in Germany and Italy have called for their countries' gold to be taken out of the US amid concerns about the Trump administration's policymaking and its growing antipathy toward the European Union.

The World Gold Council found that central banks have accumulated an average of 1,000 tonnes of gold over the past four years, up from the 500-tonne average over the preceding decade. Krishnan Gopaul said gold has come into sharper focus as a safe haven asset due to sustained geopolitical upheaval and conflict.