Overview
- The Banque de France sold about 129 tonnes once held in New York between July 2025 and January 2026 and replaced them with new bars now stored in Paris.
- The operation left total reserves unchanged at roughly 2,437 tonnes, which the bank now records as fully held at its La Souterraine underground vault.
- The sale and repurchase during high prices produced a one‑off capital gain of about €12.8 billion, helping the bank report a 2025 net profit of €8.1 billion after a 2024 loss.
- Officials describe the move as a long‑running modernization to meet London Bullion Market Association standards, with a further 134 tonnes slated for upgrade by 2028.
- The step has renewed debate in Germany over gold kept abroad, as the Bundesbank stresses verified access to holdings with 1,236 tonnes in New York and 405 tonnes in London.