European central banks have been quietly repatriating gold reserves long stored in New York and London, a shift that signals growing unease over geopolitical risks and a desire to reduce dependence on North American financial infrastructure. France completed its full repatriation from the US in 2014, Germany moved a significant portion of its holdings back to Frankfurt, and Belgium followed suit, each citing sovereignty and risk management as key motivations. The trend reflects a broader recalibration in how European nations think about strategic assets in an era of heightened great-power competition and the potential for financial sanctions to be weaponized.
Why are European countries moving their gold out of North America? BBC
