France has officially removed the last of its gold reserves from the New York Federal Reserve, marking the first time in over a century that the nation’s entire bullion stockpile is held on domestic soil.
The repatriation of 129 tonnes took place between July 2025 and January 2026, shifting the final portion of French assets from Manhattan vaults to the Banque de France in Paris.
This move brings France’s total gold reserves to 2,437 tonnes, all of which are now securely located within the country’s borders for the first time since the 1920s.
Officials in Paris have maintained that the decision was a technical "upgrade" aimed at converting older holdings into modern standard bars.
However, the timing of the withdrawal coincides with a period of intense global volatility and the ongoing conflict in the Middle East.
Diplomatic observers point to the "Operation Epic Fury" campaign against Iran as a likely catalyst for the sudden acceleration of the transfer.
Under President Donald Trump, the United States has adopted a more aggressive stance toward Tehran, leading some European allies to seek greater financial autonomy.
French President Emmanuel Macron has frequently advocated for European sovereignty, and the physical control of national gold is seen as a pillar of that strategy.
The swap proved to be highly lucrative for France, netting the government a reported €13 billion profit.
This windfall was driven by the dramatic surge in gold prices as investors fled to safe-haven assets following the outbreak of hostilities in February.
The New York Fed, led by President John C. Williams, has processed the transfer without formal objection.
The bank remains a custodian for dozens of nations, though France’s exit raises questions about international trust in U.S. financial institutions.
With the euro facing pressure from the war, the consolidation of physical gold reserves provides France with a critical hedge against potential sanctions or currency fluctuations.
The Banque de France confirmed that all bars now meet the London Good Delivery standard, ensuring immediate liquidity in global markets.
This historic repatriation effectively ends an era of transatlantic financial interdependence that defined the post-World War II economic order.