Gold repatriation refers to plans of various governments to bring home their gold stored outside the home country. Many nations use foreign vaults for safe-keeping of part of their gold reserves. In 2014, there was a movement by some European states to return gold stored abroad back to the owner country. The central bank of the Netherlands reduced its proportion of gold held by the New York Federal Reserve from 51% to 31%, and Austria and Belgium reviewed the possibility of taking similar measures.
Venezuela Before 2012, the Central Bank of Venezuela, Banco Central de Venezuela (BCV), held about 211 tonnes of its 365-tonnes of gold reserves in American, European, and Canadian banks. In January 2012, however, Venezuela completed the move of 160 tonnes of gold bars (valued at about $9 billion) back home. The operation was ordered by President Hugo Chávez in August 2011 and was overseen by Central Bank chair Nelson Merentes. In early November 2018, the Bank of England in London refused the withdrawal of 14 tonnes of gold owned by the BCV at the request of top U.S. officials, including Secretary of State Michael Pompeo and National Security Adviser John Bolton, who lobbied their U.K. counterparts to help cut the government off from their overseas assets.
Netherlands In 2014, 122.5 tonnes of Dutch gold reserves were returned to Amsterdam from New York, where they had been stored in a vault of the Federal Reserve Bank of New York; the De Nederlandsche Bank, the Dutch central bank, said that it "felt that in times of financial crisis, it was better to have the gold near at hand." The Netherlands continues to store gold reserves in New York, Ottawa and London.
Germany In January 2013, Deutsche Bundesbank, the German central bank, announced plans to repatriate 300 tonnes of its 1,500 tonne reserve from the U.S., and 374 tonnes from France by 2020, in order to store (1,695.3 tonnes) of its official gold reserves in Frankfurt. The gold stored in the U.S. was acquired by West Germany during a period of trade surpluses with the U.S. before 1970. The gold was never repatriated to Germany due to fear of invasion by the Soviet Union. In 2013, five tonnes were repatriated due to logistical difficulties. However, 120 tonnes in 2014 (35 tonnes from Paris, 85 tonnes from New York); a further 210 tonnes in 2015 (110.5 tonnes from Paris and 99.5 tonnes from New York); and finally 200 tonnes in 2016, were repatriated. In January 2026, amid shifting transatlantic relations and growing concern over the unpredictability of U.S. policy under second Trump administration, German economists and some politicians renewed calls for further repatriation of the nation's gold reserves held in U.S. vaults, noting that around 37 % of Germany's holdings, roughly 1,236 tonnes, remains stored at the Federal Reserve Bank of New York and arguing that bringing more of it home would enhance financial independence. However, government and Bundesbank officials stressed that no formal plan to withdraw the remaining gold was under consideration. As of early 2026, Germany holds 1,236 tonnes (approximately 37%) of its 3,352-tonne gold reserve at the Federal Reserve Bank of New York, with another 13% stored at the Bank of England. While the Deutsche Bundesbank completed a major repatriation of 674 tonnes of gold in 2017, the shift in transatlantic relations and record gold prices precipitated renewed calls from German economists and politicians for a full withdrawal from U.S. vaults. However, the Bundesbank officially maintains that there are no further plans to repatriate its remaining foreign-held reserves, reaffirming confidence in the New York Federal Reserve as a trustworthy partner.
Belgium In a December 2014 interview with the Belgium broadcaster VTM Nieuws, Luc Coene, the governor of Belgium's central bank, confirmed that the bank was looking at how it could bring its gold reserves back into the country. According to IMF data compiled by the World Gold Council, Belgium holds 227.4 tonnes of gold, representing 34.2% of its official foreign reserves. According to reports, most of the gold is held outside of the country with the Bank of England, the Bank of Canada and the Bank for International Settlements.
Switzerland Save our Swiss Gold was a citizen movement that called for the central bank to hold at least 20 percent of its assets in gold, prohibit selling any gold in future and bring all its reserve of gold back in the country. This referendum was held on November 30, 2014, but was lost.
Austria Austria currently holds 80% of their 280 tonnes of gold in London, 17% in Austria, and 3% in Switzerland. Citing a need for risk diversification, Austria announced they will be repatriating gold from London during 2015. After the repatriation process is completed, 50% of Austria's gold will be held in Austria, 20% in Switzerland, and the remaining 30% in London.
France In January 2026, France finalised the repatriation of foreign-held gold reserves—principally those in the United States—concluding a long-term process that began in 1963. The majority of France's gold reserves are in internationally compliant standard form, with the exception of 134 tonnes of its total of approximately 2,437 tonnes, which are slated for upgrade by 2028. The transfer process involved a series of 26 transactions where non-standard bullion held in the Federal Reserve Bank of New York was sold and replaced by London Good Delivery bars purchased within Europe. The combined sale of the final 129 tonnes resulted in a realised capital gain of €12.8 billion.
Italy In June 2025, concerns over Italy's gold reserves held abroad intensified, with around 43% of its gold reportedly stored at the Federal Reserve Bank of New York. Italian economic commentator Enrico Grazzini called for the gold to be repatriated, describing its continued storage in the United States as a risk to Italy's national interest. In November that year, Italian lawmakers proposed declaring the Bank of Italy's 2,452 tonnes of gold reserves to be the property of the Italian state, amid debate over the ownership and potential use of the country's gold. As of May 2026, around 44% of Italy's gold was stored domestically, with a similar proportion held at the Federal Reserve Bank of New York, while the remainder was held in the United Kingdom and Switzerland.
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