Full Breakdown
European Central Banks Shift Gold Out of New York Amid Trump-Era Fears
9/4/2026, 3:48:08 AM
European Central Banks Move Gold Out of New York
The Dutch central bank recently transferred roughly $12 billion of gold that had been stored in New York to vaults in London. France’s central bank has sold about $15 billion of bullion held in New York and replaced it with bars kept in Paris. Over the past year, Germany and Italy—Europe’s second- and third-largest holders of gold reserves after the United States—have been debating whether to repatriate their holdings as well.
Background and Context
During World War II, European allies shipped large portions of their gold to the United States to keep it out of Nazi hands. The current relocations represent a reversal of that wartime safeguard, driven by concerns that the United States under President Donald Trump might limit foreign access to assets held in the Federal Reserve Bank of New York.
Data and Statistics
- Dutch central bank: ~ $12 billion moved from New York to London.
- French central bank: ~ $15 billion sold from New York, bars stored in Paris.
- Germany and Italy: each hold tens of billions of dollars in gold and are weighing similar actions.
Official Statements & Responses
Economics editor Catherine Rampell noted that the moves signal a “frightening” loss of trust between the United States and its European allies. She linked the anxiety to Trump’s past actions—tariffs, threats to annex Greenland, proposals to take “golden share” stakes in private firms, and his expressed interest in inspecting Fort Knox—suggesting that these have heightened fears of a possible freeze on foreign gold reserves.
Markus Ferber, a German member of the European Parliament, warned that the risk of a Trump-initiated freeze “is impossible to dismiss.” A spokesperson for Germany’s Taxpayers Federation echoed the sentiment, emphasizing that the reserves constitute “our money.”
Verbatim Quotes
- “In a frightening sign of just how much trust has been lost between the United States and its erstwhile allies, billions of dollars of gold reserves are being repatriated or otherwise moved out of Trump's reach,” — Catherine Rampell
- “Trump is erratic, and one cannot rule out that someday he will come up with creative ideas how to treat foreign gold reserves,” — Markus Ferber
