The Banque de France completed the repatriation of its remaining gold held in New York by replacing it with equivalent higher-standard bars stored in Paris, generating a capital gain of €12.8 billion.

This move consolidates France’s gold reserves in Paris, strengthening storage efficiency and contributing to a positive financial position following a net profit of €8.1 billion for 2025 after a €7.7 billion loss in 2024.

The upgrading and repatriation process, ongoing since 2005, involved selling non-standard U.S. bars and buying newer European bullion, with 129 tonnes (about 5% of total reserves) upgraded between mid-2025 and early-2026.

In 2025, the BdF posted a capital gain of around €13 billion from the repatriation and bar upgrades, helping secure the year’s €8.1 billion net profit.

The overall move aligns with a broader strategy of moving the bulk of France’s gold away from the U.S. and U.K. since the 1960s, and toward more modern, Europe-traded bars.

BdF governor Francois Villeroy de Galhau framed the decision as non-political, emphasizing practical advantages of trading higher-standard gold on European markets.

The bank maintains that the move is not about signaling political intent, with the European market cited as the trading venue for the upgraded gold.

From 2025 to early 2026, the BdF replaced older, non-standard holdings with modern bars, selling U.S.-held gold and purchasing European bullion through 26 transactions.

The BdF opted to sell U.S. gold rather than refine and transport, capitalizing on favorable prices to complete the upgrade with 26 transactions.

The 129-tonne upgrade, completed between July 2025 and January 2026, represents about 5% of France’s total reserves and coincided with record-high gold prices.

Total gold reserves now sit at approximately 2,437 tonnes, all stored in BdF’s La Souterraine underground vault in Paris, with 134 tonnes of older bars earmarked for standardization by 2028.

Since 2005, the BdF has gradually replaced older gold with modern bars, while moving reserves predominantly to Europe rather than keeping them in U.S. vaults.