French Bank Sells $15 Billion in US Gold Reserves

Bank of France nets massive profit by repatriating gold from Federal Reserve

Apr. 8, 2026 at 4:56pm

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An extreme close-up of highly textured, shiny gold bars stacked in rows, conveying the concept of secure national wealth storage without any text or identifiable elements.The Bank of France's repatriation of $15 billion in gold reserves from the U.S. Federal Reserve reflects growing global unease over the security of national assets.NYC Today

The Bank of France has sold all of its remaining gold reserves held by the U.S. Federal Reserve, netting a profit of nearly $15 billion. The bank has repatriated 129 tons of gold, representing 5% of its total reserves, and is now storing the entire 2,437-ton gold stockpile in Paris.

Why it matters

This move by the French central bank highlights growing concerns among European nations about the security of their gold reserves held in the United States, especially after the precedent set by the freezing of Russian central bank assets following the 2022 invasion of Ukraine. It also reflects broader geopolitical tensions between France and the U.S. under the Trump administration.

The details

The Bank of France announced it netted 12.8 billion euros, equivalent to $14.8 billion, after completing the repatriation of its gold reserves from the Federal Reserve Bank of New York. This gold, which complies with updated international standards, was gradually moved to Paris over several months starting in July 2025, marking the first time in about 100 years that France did not keep any of its gold at the New York Fed branch.

  • In July 2025, the Bank of France began the process of repatriating its gold reserves from the U.S.
  • The repatriation was completed in January 2026.

The players

Bank of France

France's national central bank, which holds the fourth-largest gold reserves in the world.

Federal Reserve Bank of New York

The branch of the U.S. Federal Reserve that had been storing a portion of France's gold reserves.

Steve Hanke

Professor of applied economics at Johns Hopkins University and former member of President Reagan's Council of Economic Advisers.

J.D. Foster

Former chief economist at the Office of Management and Budget.

Emmanuel Macron

The President of France, who is term-limited in 2027.

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What they’re saying

“The discussion, the anxiousness and the risk of having their assets somehow frozen if they were in the United States came up when in February 2022 the central bank assets of Russia were frozen — because the standard before that had been these were untouchable central bank assets.”

— Steve Hanke, Professor of applied economics at Johns Hopkins University

“France, and most especially President [Emmanuel] 'lame-duck' Macron, remains a clown show. They are only doing this out of petty spite, like a three-year-old's temper tantrum.”

— J.D. Foster, Former chief economist at the Office of Management and Budget

What’s next

Experts predict that other European countries, such as Germany and Italy, may follow France's lead in repatriating their gold reserves from the United States in the coming years.

The takeaway

This move by the Bank of France highlights the growing distrust and geopolitical tensions between European nations and the United States, as countries seek to reduce their financial exposure and dependence on the U.S. in the wake of events like the freezing of Russian assets. It also underscores the diminishing role of gold as a global reserve asset in the modern financial system.