Why are European banks moving gold out of United States?
The Netherlands and France have moved their gold out of US vaults. Part of the reason is fears about the reliability of the US, but equally important is the need to keep gold closer to home in the event of a crisis.
European banks are relocating their gold reserves from the United States due to growing concerns over the country's geopolitical stability and the ease of accessing assets in a crisis. Fort Knox, where about half of the US gold reserves are stored, is considered highly secure, but the perception of the US as a reliable location for storing gold is changing.
The Dutch central bank recently moved 86 tonnes of gold to London, citing geopolitical unrest and improved crisis preparedness as reasons. France also shifted its gold holdings from New York to London between 2025 and 2026, though this was not deemed politically motivated. German and Italian officials have called for their countries' gold reserves to be moved out of the US due to concerns about the unpredictable policies of the Trump administration and its strained relationship with the European Union.
Despite these concerns, moving gold assets is complex, risky, and costly. However, central banks are increasingly focused on maximizing the resilience and flexibility of their reserve holdings, and the ease of accessing assets in a trading hub like London has become a priority. The Bank of England, a major global gold holder, is also a major custodian of European gold reserves.
Despite these developments, the United States, particularly the New York Federal Reserve, remains a key custodian of much European gold.
Written by urgent.news from DW Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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