Central banks in the Netherlands, France, and Germany are pulling gold reserves out of the New York Fed's vault, with the Dutch and French moves already completed. The shift follows the 2022 freezing of Russian reserves and could add volatility to gold markets as large transfers create supply-demand dislocations.
De Nederlandsche Bank relocated approximately 86 tonnes of gold from North American storage between March and August 2026, with roughly 78 tonnes coming directly out of New York. The move cut the Netherlands' reliance on New York vaults from 31.3% of its total reserves to 18.5%.
France went further still. The Banque de France completed a full withdrawal of its remaining 129 tonnes from the New York Fed, executing 26 separate transactions between July 2025 and January 2026. The operation generated estimated capital gains of between €11 billion and €13 billion thanks to US gold premiums at the time of transfer.
A broader retreat from New York
The World Gold Council's June 2026 survey found that only 14% of central banks now store gold at the New York Fed, down from 17% the previous year. The Bank of England, long a rival custodian, also saw its share slip from 64% to 57%. Fed data backs up the trend, too: foreign official gold holdings at the New York Fed declined 2% from the end of 2024 through April 2026.
Germany, which holds roughly 1,236 tonnes of gold in New York, is watching these developments closely. The country already repatriated about 300 tonnes back in 2017, and internal political pressure to bring more home has intensified.
Why trust in US custodianship is cracking
The 2022 freezing of Russian central bank assets following Moscow's invasion of Ukraine sent a shockwave through sovereign reserve management worldwide. If the US and its allies could lock a G20 nation out of its own reserves overnight, the question of what stops them from doing it again has weighed on central bank thinking since.
For traders, gold market volatility could increase as large sovereign transfers create periodic supply-demand dislocations. When a central bank moves 129 tonnes in six months, as France did, premiums, logistics costs, and insurance pricing all respond. Germany's decision on its remaining 1,236 tonnes in New York may end up being the most consequential domino.
Source: Crypto Briefing
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