European Countries Fleeing US Gold Reserves Amid Geopolitical Unrest

The Dutch Central Bank has moved 86 tons of its gold reserves from New York and Canada to London, citing 'increasing geopolitical unrest'. This brings the total share of DNB's gold in London to 32.1%, up from 18.1% previously.

The move is part of a larger trend where European countries are repatriating their gold reserves from the United States. France sold 129 tons of gold held in the Federal Reserve Bank of New York between July 2025 and January 2026, which was approximately 5% of its total reserves.

Germany's Bundesbank completed a similar transfer in the summer of 2017, moving 300 tons of its gold from the Federal Reserve Bank of New York to Frankfurt. Italy is also considering repatriating some of its gold reserves, holding roughly one-third in New York.

Venezuela repatriated about 160 tons of its gold reserves from foreign banks, including the United States and Europe, back to Caracas by January 2012.