Last updated : September 2026
European central banks are changing where they keep their national wealth. They are moving hundreds of tonnes of gold out of North American vaults.
The gold is going back to their home countries or to major trading markets in Europe. This is happening because of growing political tensions and the need to trade gold easily during a crisis.
Actions by the Netherlands and France show a historic change. Europe is no longer fully trusting old storage deals across the ocean.
The Dutch Move to London
Between March and August 2026, the Dutch central bank (DNB) moved about 86 tonnes of gold. This gold went from the United States and Canada to London.
This move reduced the Dutch gold kept at the Federal Reserve in New York from 31.3% to 18.5%. The share in Ottawa, Canada, also dropped from 19.7% to 18.5%.
How They Moved It
Shipping a lot of physical gold across the ocean is expensive and risky. Because of this, the DNB used a smart mix of methods.
First, they sold about 59 tonnes of gold in New York. Then, they instantly bought the same amount of gold in London.
At the same time, they flew 27 tonnes of physical gold from North America to a secure military base in Zeist, Netherlands. They then transferred another 27 tonnes of standard gold from Zeist to London.
This kept the country’s total gold at exactly 612.4 tonnes, which was worth €72.2 billion at the end of 2025.
| Storage Location | Share Before Relocation | Share After Relocation |
| London, UK (Bank of England) | 18.1% | 32.1% |
| Zeist, Netherlands (Domestic) | 30.8% | 30.8% |
| New York, US (Federal Reserve) | 31.3% | 18.5% |
| Ottawa, Canada (Bank of Canada) | 19.7% | 18.5% |
Why London?
The DNB said they moved the gold because of “increasing geopolitical unrest” and the need to be ready for a crisis.
But the main reason was easy trading. London is the biggest wholesale gold market in the world.
Gold kept at the Bank of England meets the high standards of the London Bullion Market Association (LBMA). DNB Governor Olaf Sleijpen said this makes the gold much easier to use in an emergency.
France Upgrades Its Gold
France also moved its gold out of the United States. However, France did this to meet market standards, not because of political fears.
Between July 2025 and January 2026, the French central bank removed its final 5% of gold stored in the U.S.. France sold 129 tonnes of older gold bars in New York. These bars did not meet modern LBMA purity standards.
Instead of paying high fees to ship and melt the old gold, France sold it in the U.S. and bought new, high-quality bars in Europe.
This move put all 2,437 tonnes of France’s gold in Europe. It also made the country a massive profit of €11 billion in 2025.
Political Pressures and Fears
Even though banks give different reasons, global politics play a huge role. European countries are feeling economic pressure from both the U.S. and China.
For example, the U.S. is pushing the Netherlands to stop its tech company, ASML, from selling computer chip machines to China.
Also, U.S. President Donald Trump has demanded to own Greenland. This has scared European nations. They worry about sudden economic punishments or new tariffs.
The biggest fear came when the U.S. and its allies froze about $300 billion in Russian assets after the Ukraine invasion.
This showed central banks that money held in other countries can be taken away overnight. Because of this, places like Hong Kong are becoming new gold hubs outside of Western control.
Debates in Germany and Italy
These changes by France and the Netherlands have caused loud debates in Germany.
Between 2013 and 2017, Germany brought 674 tonnes of gold back to Frankfurt from New York and Paris. Currently, Germany keeps 37% of its gold at the New York Fed.
Now, German taxpayer groups and experts want to bring all the gold home. They argue that U.S. politics are too unpredictable. Despite this, German officials say they have no formal plans to move more gold right now.
In Italy, the debate is about who controls the gold at home. Politicians tried to change laws to sell gold for public spending. The European Central Bank blocked this to protect the bank’s independence.
A Global Shift to Gold
Moving gold away from North America is part of a massive global trend. Central banks now prefer physical gold over U.S. government debt.
According to a 2026 World Gold Council survey, 89% of central banks expect gold reserves to go up. Gold is now the world’s largest reserve asset, beating U.S. Treasuries.
Countries like India have also moved large amounts of gold back home. India recently moved 168 tonnes, meaning 77% of its gold is now safe in domestic vaults.
As world tensions rise, countries want their emergency money close by and ready to use.
People Also Ask
Why are European countries moving their gold out of North America?
They are moving gold due to rising political tensions and the need to trade it easily during a crisis. Keeping gold closer to home or in major markets like London feels safer and more practical.
How much gold did the Netherlands move?
The Dutch central bank moved about 86 tonnes of gold from the United States and Canada to London between March and August 2026.
Did countries physically ship all the gold across the ocean?
No. To save money and avoid risks, countries used a mix of physical shipping and market trades. For example, the Netherlands sold 59 tonnes in New York and bought new gold in London, only physically flying 27 tonnes.
Why did France sell its gold in New York?
France sold 129 tonnes of gold in New York because the old bars did not meet modern purity standards. They sold the old gold and bought standard, high-quality gold in Europe instead.
Are other countries moving their gold too?
Yes. India recently moved 168 tonnes of gold back to its domestic vaults. Germany also moved hundreds of tonnes back home a few years ago and is currently facing public pressure to move the rest.
