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Bundesbank transferred gold to Frankfurt

Deutsche Bundesbank decided in 2013 to store half of its gold reserves at home, transferring 674 tonnes of gold from Paris and New York to its headquarters in Frankfurt, with about a third of German reserves still held in New York.

German gold is safe in the US

I do not doubt that our gold is safely stored at the Federal Reserve in New York, and the US would most harm itself if it questioned the legal status of the gold and thereby undermined financial market confidence.

Banque de France moved gold out of New York

Banque de France offloaded 142 tonnes of gold on deposit at the New York Federal Reserve between July 2025 and January 2026 as part of a move to bring its gold reserves into line with London Bullion Market Association purity standards.

DNB relocated 86 tonnes of gold to London

De Nederlandsche Bank relocated approximately 86 tonnes of Dutch gold reserves from New York and Ottawa to London between March and August 2026, citing increasing geopolitical unrest, with the gold now held in the vaults of the Bank of England.

DNB announced the gold relocation

De Nederlandsche Bank publicly announced that it had transferred about 86 tonnes of its gold reserves from New York and Ottawa to London as part of its crisis preparedness, with the announcement reported in early September 2026.

Gold relocation improves crisis preparedness

Relocating our gold reserves to London makes us better prepared for severe crises because the gold there is more readily available and tradable in a crisis situation.

Resilience and preparedness strengthened

We expect that we will never need to use the relocated gold, but we do need to strengthen our resilience and preparedness.

Relocation driven by geopolitical unrest

We relocated the gold in view of increasing geopolitical unrest so it could be readily available for use in a crisis situation.

No impending economic doom

I don't get a sense that there's an impending doom; central banks are instead becoming better educated about managing and growing their reserve assets.

Wars and trade tensions not top motivating factor

While wars and trade tensions are playing into some of these gold relocation decisions, they don't top the list of motivating factors, which include inflation, interest rates, and having gold where it can be traded quickly.

Increased demand for gold shipments

We have seen increased demand from central banks for cross-border gold shipments, with heightened geopolitical and economic uncertainty and gold's growing role as a strategic reserve asset contributing to this trend.

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