For decades, the New York Federal Reserve’s vault, buried deep beneath Lower Manhattan, served as the world’s most trusted gold locker. Central banks from allied nations parked their reserves there with the quiet confidence that comes from storing wealth in the world’s financial capital. That confidence is cracking.
A growing number of central banks are shipping their gold home, and the numbers tell a story that’s hard to ignore. The World Gold Council’s June 2026 survey found that only 14% of central banks now store gold at the New York Fed, down from 17% the previous year. The Bank of England, long a rival custodian, also saw its share slip from 64% to 57%.
The Netherlands and France lead the exodus
De Nederlandsche Bank made the most recent headline-grabbing move. Between March and August 2026, the Dutch central bank relocated approximately 86 tonnes of gold from North American storage, with roughly 78 tonnes coming directly out of New York. That single operation slashed the Netherlands’ reliance on New York vaults from 31.3% of its total reserves down to 18.5%.
France went even further. The Banque de France completed a full withdrawal of its remaining 129 tonnes from the New York Fed, executing 26 separate transactions between July 2025 and January 2026. The operation generated estimated capital gains of between €11 billion and €13 billion thanks to US gold premiums at the time of transfer.
