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The withdrawal of 129 tons of gold by France from vaults in New York, with a profit of $15.1 billion, increased pressure in Europe to repatriate strategic reserves and raised questions about governments’ confidence in the US-centered financial system
France turned an operation with gold stored in the United States into a billion-dollar gain and reignited the debate within Europe about the return of reserves held abroad. The move comes amid rising gold prices, escalating geopolitical tensions, and governments’ search for greater control over strategic assets.
Since mid-2025, the French central bank has sold 129 tons of gold stored in New York and replaced them with newer, high-quality bars kept in Paris. The operation generated a profit of about 13 billion euros, equivalent to 15.1 billion dollars.
The Governor of the Bank of France, François Villeroy de Galhau, stated that the measure was not politically motivated. Nevertheless, the institution chose to buy European gold for storage in Paris, instead of merely replacing the metal held in the United States with other external reserves.
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Operation maintained reserves and took advantage of the rise in gold
France did not reduce the volume of its reserves. What occurred was the exchange of old and non-standard bars for newer bars, with greater ease of trading in the international market.
The strategy was favored by the market timing. Gold prices have risen in recent years, particularly in 2025, driven by concerns about inflation, increased debt, and shocks caused by conflicts with Iran.
This environment elevated the value of the metal and opened up space for monetary authorities to monetize older reserves without decreasing their total position. In early 2026, gold reached a peak of just under $5,600 per ounce in January.
Although central banks no longer use gold as a direct backing for their currencies, the metal continues to play a protective role in the face of instability. In scenarios of higher inflation, currency devaluation, and unpredictable markets, gold tends to preserve or increase its value.
Pressure for repatriation grows in other European countries
The French movement is not happening in isolation. In different parts of Europe, there is growing pressure to repatriate gold reserves, especially those that remain stored in American territory.
In Germany, economists and politicians have begun advocating for the return of more than 1,200 tons of gold held in New York. Among the reasons cited are concerns about the Iranian conflict and the unpredictability of US politics.
The logic behind this positioning is the desire for direct access to reserves during periods of uncertainty. Instead of relying on foreign institutions to safeguard strategic assets, governments seek to have immediate control over what they consider essential.
This type of decision goes beyond an operational choice. The repatriation of gold also serves as an indicator of growing caution regarding the maintenance of strategic assets under American custody.
Signal for dollar, markets, and investors
If other countries adopt similar measures, the effects could extend beyond the gold market. For decades, the United States has held the position of the main global financial anchor, concentrating reserves, settling trade transactions, and building trust in institutions like the Federal Reserve.
The withdrawal or replacement of assets held in the US can be interpreted as a sign of discomfort with this arrangement. Central banks have increasingly cited geopolitics as one of the main risks influencing decisions about reserves.
The movement is also appearing on other fronts. Some countries have reduced their exposure to the US dollar, whose share in global reserves has declined over time, while central banks have spent years diversifying assets linked to the United States in favor of gold.
Together, these decisions indicate a slow but significant trend of reduced dependence on the US-centered financial system. For everyday investors, this scenario may mean an environment where gold continues to gain ground as a protective asset amid greater uncertainties about currency, reserves, and global stability.
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