France Pulls All Its Gold Home from New York, Banks €13 Billion Profit
France has finished bringing every ounce of its gold reserves back under its own control. The Banque de France sold its final 129 tonnes—about 5 percent of total holdings—stored at the New York Fed and bought an equal amount of modern-standard bars in Europe. All 2,437 tonnes now sit securely in Paris vaults.
The smart timing paid off handsomely. With gold prices at record highs during the 2025-2026 upgrade, the central bank locked in a one-time capital gain of €12.8 billion, nearly €13 billion. That windfall helped swing the bank to an €8.1 billion net profit for 2025 after a loss the year before.
This was no rushed political stunt. It wraps up years of quietly modernizing reserves and removing reliance on foreign storage. In an era of rising global tensions and questions over trust in distant custodians, France chose full sovereign control at home.
Other nations have made similar moves. The message is clear: when it comes to hard assets that back a country’s wealth and independence, self-reliance beats convenience. France just proved it can protect its gold—and profit doing so.