In a bold move, the Banque de France has repatriated 129 tonnes of gold reserves from New York, accounting for nearly five percent of the nation’s total gold stockpile of approximately 2,437 tonnes. This strategic shift not only reflects France’s commitment to securing its assets but also highlights a growing trend among central banks worldwide to store gold domestically.
The transactions, which involved selling older non-standard bars and purchasing new compliant bullion in Europe, generated a remarkable profit of €12.8 billion. This financial maneuver has significantly bolstered the Banque de France’s bottom line, with a reported net profit of €8.1 billion for 2025, a stark contrast to the previous year’s loss of €7.7 billion.
François Villeroy de Galhau, the governor of the Banque de France, noted, “The effort was aimed at replacing older, ‘non-standard’ gold bars with bullion that meets current international specifications.” This modernization of France’s gold reserves is emblematic of a broader shift, as 59 percent of central banks now prefer to keep their gold within national borders, a significant increase from 41 percent in 2024.
Historically, France has stored a portion of its gold at the Federal Reserve Bank of New York, a practice that dates back to World War II. This recent repatriation marks a pivotal moment in the nation’s financial strategy, aligning with similar actions taken by other countries. For instance, Germany continues to store around 1,236 tonnes, or roughly 37 percent of its reserves, in US vaults, while India has repatriated more than 274 tonnes of gold since March 2023.
The shift in gold storage practices among central banks underscores a growing sentiment towards national security and asset protection. As nations reassess their gold strategies, observers are keenly watching how this trend will evolve and what implications it may have for global economic stability.
Details remain unconfirmed regarding future plans for France’s gold reserves, but the momentum towards domestic storage appears to be gaining traction across the globe.
