France brought back 129 tonnes of gold, strengthening de dollarisation
Between July 2025 and January 2026, the Bank of France completed the transfer of its last 129 tonnes of gold, liquidating all reserves previously held in the United States. The old, non standard bars stored in New York were sold, and an equivalent amount of new, internationally standardised bars was purchased on the European market and placed in the central bank's underground vaults. The operation did not require large scale physical transport of gold and generated approximately €12.8 billion in profit.
When a country brings its gold home after decades of storage overseas, it is not just a financial transaction — it is an act of sovereignty. France, having completed the repatriation of all its reserves, not only made billions from the resale but also sent a signal to the world: trust in the dollar is no longer unconditional.
In an era where geopolitical risks are becoming the norm and sanctions are a weapon, gold is regaining its ancient status — as a quiet force that does not depend on the will of others and is not afraid of political storms. This return is not to the past but to a future where sovereignty is measured not only by exchange rates but also by the weight of precious metal.
The move comes as central banks around the world continue to increase their gold holdings, with some countries choosing to repatriate reserves for greater security. "What are the reasons for France's recent policy on its gold targets? As I said, the official reason was merely a quality standard adjustment. But then we can see two more reasons.
Another reason is a kind of geopolitical consideration related to sovereignty. Central banks are now reassessing the meaning of gold, because today the world's dominant currency remains the US dollar. But many countries now believe that due to current US policies, there could be a problem of confidence in the US dollar," said Eric Monnet, a professor at the Paris School of Economics.
France has followed the lead of other European countries that have repatriated their gold reserves in recent years. Germany completed the return of its holdings from the US and France in 2017, and the Netherlands moved 86 tonnes from New York and Ottawa to London in 2025. The global trend towards gold repatriation reflects growing distrust of the dollar as the primary reserve currency and a desire by countries to strengthen their economic sovereignty. China, Russia and other nations are also actively building up their gold reserves, diversifying assets in the face of sanctions risks and geopolitical instability.
As CCTV+ reports, France's decision to bring its gold home has sent an important signal to global financial markets. This is not just a reserve optimisation operation but a political gesture underscoring Europe's desire for financial independence. In the coming years, other countries are likely to follow France's example, accelerating the de dollarisation process and returning gold to where they believe it will be safer — beneath their own soil.
