A growing trend has emerged among European nations quietly transferring their gold reserves out of the United States. According to a report by the American publication The Bulwark, this large-scale movement of precious metals highlights a gradual decline in trust between Washington and its European allies, particularly under the shadow of shifting U.S. political policies.
The Netherlands notably transferred roughly 86 tons of gold from the U.S. and Canada to London between March and August 2026. The Dutch central bank stated that the relocation aims to improve crisis management preparedness amid rising geopolitical tensions and to make the gold more readily tradeable. Following this shift, about 32 percent of Dutch gold is now stored in London, while holdings in New York and Ottawa have dropped to around 18.5 percent each, out of a total reserve of roughly 612 tons.
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France has also reportedly moved approximately $15 billion worth of gold reserves from New York back to Europe, though technical and administrative factors were noted alongside political motivations. Meanwhile, other nations maintain substantial holdings in American vaults. Germany still keeps roughly 1,236 tons of gold in the United States, and while domestic calls for its return have surfaced, the German central bank has not yet ordered its repatriation. Similar discussions regarding security and accessibility continue to circulate in Italy.
Global analysts note that central banks increasingly prioritize immediate availability, crisis usability, and geographic diversification amid growing financial sanctions and economic uncertainty. With London serving as one of the world’s largest physical gold trading hubs, European financial authorities are reevaluating the security and utility of storing sovereign assets overseas.
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