Central Bank Gold Moves Signal Repatriation Amid Sanctions Risks, Not Sales: StoneX’s O’Connell

Recent reports of central bank gold movements have caused confusion, but they represent shifts in location rather than sales, prompted by rising risks of sanctions and asset seizures. StoneX analyst Rhona O'Connell noted that the Netherlands and France are relocating gold from North America back to Europe.

France moved 129 tonnes from New York to Paris between June 2025 and January 2026, less than 5% of its 2,437-tonne reserves. The Dutch central bank transferred 86 tonnes, including a 59-tonne swap into London and 27 tonnes physically delivered to Zeist.

The actions follow the 2022 freeze of roughly $300 billion in Russian reserves, exposing vulnerabilities of foreign-held assets. DNB Governor Olaf Sleijpen stressed improved liquidity and crisis preparedness, with gold as an ultimate hedge against systemic threats.

Post-transfer, the Dutch now hold 32% in London, with New York and Ottawa each at 18.5%.