France Repatriates All Gold Reserves to Paris

The Banque de France has completed the repatriation of its entire gold reserves from the Federal Reserve Bank of New York, marking the first time in nearly a century that all 2,437 tonnes of France's holdings are stored domestically in Paris. The operation, finalized in January 2026 after beginning in July 2025, involved selling 129 tonnes of older gold bars held in New York and purchasing an equivalent amount of newer, higher-quality bars on the European market, generating a profit of approximately 12.8 billion euros, or about 14 billion dollars.

The process unfolded through 26 staggered transactions, allowing the central bank to capitalize on elevated gold prices during the period. Officials described the move as a technical adjustment to modernize reserves that no longer met international trading standards, such as those set by the London Bullion Market Association. By selling the nonstandard bars in New York at peak values and buying compliant ones in Europe as prices stabilized, the bank avoided the high costs and security risks of physically transporting the metal across the Atlantic. This approach also eliminated any remaining overseas custody, consolidating everything...