European Central Banks Transfer Gold From U.S. Vaults to Europe
The Netherlands and France have moved billions of dollars in gold reserves from New York to European vaults, citing concerns over potential U.S. policy changes.
The Dutch central bank said it relocated roughly $12 billion of gold previously stored in New York to vaults in London. France’s central bank recently sold about $15 billion of bullion held in New York and replaced it with gold stored in Paris. Germany and Italy, the second- and third-largest holders of gold reserves after the United States, have also been discussing similar moves.
Officials indicated the decisions reflect a desire to keep national reserves under domestic or allied control amid uncertainty about future U.S. policy toward foreign-held gold.
"We are reviewing the location of our gold holdings to ensure they remain secure and accessible," a spokesperson for the Dutch central bank said.
"Our priority is to safeguard the country's reserves in line with our strategic interests," a French central bank representative added.