EU Countries Bring Their Gold Home from the U.S.

Several EU countries have begun repatriating their gold from the United States. Thousands of metric tons of gold have been moved, and the stated purpose is to ensure preparedness.

The Netherlands has moved a large portion of its reserves out of New York. In total, 86 metric tons have been moved from the United States and Switzerland to London and the Netherlands. The stated purpose is to strengthen preparedness in the event of a major crisis.

France has sold all the gold bars that had been stored at the Federal Reserve in New York since the 1920s and purchased new ones in London. The entire reserve is now stored in vaults in Paris. The central bank says the move was not politically motivated—but it took place at the same time the price of gold was soaring, and the transaction yielded a profit of about 140 billion Swedish kronor.

Germany, which has the world’s second-largest gold reserve at 3,352 metric tons, has already repatriated large quantities to Frankfurt. Fifty-one percent is now held there, and 12 percent in London. Several German voices are calling for the remainder to be brought home from the U.S., citing growing uncertainty and the political situation under Donald Trump.