Spain weighs pulling its US-held gold amid wider European repatriation push
Spain's central bank admits some of its gold is stored at the New York Federal Reserve but keeps the amount secret and has not announced any plan to move it, as other European banks repatriate reserves.
The Bank of Spain acknowledges that part of its nine-million-ounce gold reserve is kept at the Federal Reserve Bank of New York, but it refuses to reveal the proportion or any forthcoming relocation plans. The secrecy comes as several European central banks—such as the Netherlands, France and Germany—have begun returning gold from abroad, and Italy is under growing public pressure to do the same. The shift is driven by concerns over U.S. actions, including those under President Donald Trump, and the precedent set by the 2022 freezing of Russian assets.
Scholars argue that bringing the gold back would support the European Union’s strategic autonomy rather than a purely nationalist move. Market sources suggest Spain’s holdings in the United States are modest, making a repatriation low-risk, while Germany still retains a sizable amount in Manhattan. The broader pattern shows central banks, especially in emerging markets, increasing gold purchases as a hedge against a declining dollar.
Why it matters
Spain’s stance on its US-held gold could influence EU financial independence and signal confidence in the eurozone’s reserve strategy.
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