Central Banks Are Pulling Gold From the US and UK: Here's Where It's Heading
View original at finance.yahoo.comCentral Banks Are Pulling Gold From the US and UK: Here's Where It's Heading Central Banks Are Pulling Gold From the US and UK: Here's Where It's Heading Key Takeaways France's Banque de France completed 26 separate transactions between July 2025 and January 2026, effectively moving 129 tonnes of gold from New York to…
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Banque de France booked a combined gain of approximately 12.8 billion euros from its gold repatriation operation — roughly 11 billion euros in 2025 and 1.8 billion euros in 2026.
60% confidenceThe 12.8 billion euro gain arose from a quality arbitrage — the price differential between older-format bars sold in New York and newly purchased modern London Good Delivery bars — not from speculative trading.
60% confidenceThe 2022 freeze of Russian foreign exchange reserves demonstrated that assets held in foreign custody at the discretion of another sovereign carry political risk that no rating agency had previously priced, and every central bank in the world absorbed that lesson simultaneously.
60% confidencePhysical gold held in a domestic vault cannot be frozen by executive order in Washington, making domestic custody a tool for sovereign risk management.
60% confidenceTotal gold held by central banks globally reached approximately $4 trillion at the start of 2026, surpassing for the first time the roughly $3.9 trillion in US Treasuries held by the same institutions.
60% confidenceThe logic of storing gold at the Federal Reserve Bank of New York or the Bank of England — deep liquidity, trusted custody, proximity to global gold trading markets — is now being actively reconsidered by governments that previously had no reason to question it.
60% confidenceGermany faces mounting political pressure to repatriate 1,236 tonnes of gold currently held at the Federal Reserve Bank of New York, more than a third of its total 3,352-tonne reserve, though no formal plan exists.
60% confidence