Central Banks Massively Relocate Gold Reserves: What's Behind It?

France also changed the geographic distribution of its gold reserves during 2025-2026, selling 129 tons stored in New York and acquiring an equal amount in Europe.

However, the Banque de France did not describe this operation as a physical relocation.

The WGC categorizes these developments into three overlapping waves.

The first wave was an initial evaluation of reserve location arrangements. Germany’s gold movements in 2000 exemplify how geographic distribution of gold reserves was reconsidered before repatriation became a geopolitical issue.

The second wave, roughly between 2011 and 2019, focused more on national control and public confidence. For example, Venezuela framed its decision in terms of increasing national control.

Other central banks took a more balanced approach. Germany aimed to keep half of its gold reserves in Frankfurt.

Austria likewise stores half of its gold domestically but retains large reserves in London and Switzerland to ensure access to international markets.

Poland combined gold repatriation with substantially increasing its reserves.

Third Wave is More Complex

According to Gopaul, the third wave is more complex. Rising geopolitical uncertainty has made central banks pay more attention to jurisdiction, access to gold in crises, and reliance on foreign financial infrastructure.

However, recent developments in France and the Netherlands show that central bank responses do not always entail storing gold domestically.

DNB exemplifies this strategic shift.

In 2014, the Dutch central bank moved gold from New York to Amsterdam to increase domestic holdings. Conversely, in 2026, DNB shifted gold from North America primarily to London to make reserves easier to use.

Gopaul noted that both decisions led to different geographic locations but shared the same goal: building resilience through better-distributed reserves.

Bank of England Remains a Key Storage Location

The 2026 Central Bank Gold Reserves Survey by WGC also shows gold storage isn’t moving solely toward domestic holdings.

The Bank of England is the most frequently cited storage location among respondents, with 57 percent referencing it. Meanwhile, 49 percent said they store at least part of their gold reserves domestically.

The survey involved 69 central banks holding gold reserves.

In the previous 12 months, 9 percent of respondents increased domestic gold holdings, while simultaneously, 10 percent diversified overseas storage locations.