France has quietly withdrawn its remaining gold reserves from the United States, generating a massive €12.8 billion profit in the process.
France’s central bank confirmed that the last portion of its gold stored at the U.S. Federal Reserve has been sold. In addition, the reserves were replaced with higher-quality gold bars purchased within Europe and secured in Paris.
The move was carried out between July 2025 and January 2026. Meanwhile, about 129 tonnes of gold, representing roughly five percent of France’s reserves, were involved in the transition.
Rather than transporting and refining older gold, the bank chose a different path. Therefore, the gold held in New York was sold, and new standard-compliant bullion was acquired from European markets.
Through 26 separate transactions, the Banque de France was able to take advantage of rising gold prices.
As a result, France’s entire gold reserve, totaling about 2,437 tonnes, is now stored in Paris. However, some older bars and coins still need to be upgraded to meet modern standards by 2028.
Officials have insisted that the decision was not driven by politics. Meanwhile, BdF governor Francois Villeroy de Galhau explained that the move was based on practicality and market standards.
“Trump is unpredictable and he does everything to generate revenue. That’s why our gold is no longer safe in the Fed’s vaults,” said Michael Jäger, a leading European taxpayer advocate.
Germany currently holds a large portion of its gold reserves in the United States. Moreover, concerns about economic stability and policy direction have fueled calls for relocation.
Despite this, French officials have maintained a neutral stance. In addition, they emphasized that higher-standard gold is easier to access within Europe.
The financial impact of the move has been notable. The gains contributed to a strong recovery for the central bank.
