Repatriation Picking Up Steam As Countries Bring Their Gold Home For Safe-Keeping

Many countries are diversifying their gold storage or bringing their metal home to minimize counterparty risk.  

As a recent article in the Financial Times summarized the trend, “Global central banks are removing gold from vaults in London and New York as they become more skittish about storing bullion outside their own borders, according to a new survey.”

The Times is referring to the latest World Gold Council Central Bank Gold Reserves Survey. The council collected responses from 76 central banks and found 9 percent brought at least some of their gold home last year. Another 10 percent of the respondents said they diversified overseas storage locations in 2025. That compares with 5 percent of central banks that said they repatriated gold and 2 percent that diversified storage locations in 2025.

Looking ahead, 7 percent of survey respondents indicated they plan to increase domestic gold storage over the next 12 months, and 9 percent stated that they plan to diversify overseas storage locations.

The drain of metal from London and New York is notable in the data. According to research by Jan Nieuwenhuijs, the share of global official gold reserves not stored at the Federal Reserve Bank in New York (FRBNY) and the Bank of England (BOE) in London reached 78 percent in 2024, up from 51 percent in 1972.

India is one of the countries aggressively repatriating its gold. In the spring of 2024, the Reserve Bank of India brought 100 tonnes of gold home, repatriating it from vaults in the UK. Over the last six months, the Indian central bank has repatriated another 104 tonnes.

Based on data from the Management of Foreign Exchange Reserves, India now has about 680 tonnes of its 880.52-tonne gold reserves (77 percent) stored within its borders. Approximately 197.67 tonnes remain stored in the Bank of England and the Bank for International Settlements vaults. 

According to the Economic Times of India, U.S. weaponization of the dollar is one of the key factors driving gold repatriation, specifically aggressive sanctions levied on Russia after it invaded Ukraine, and the freezing of Afghanistan’s reserves by Western powers.

“Those episodes, involving G7 countries restricting access to sovereign assets, have reshaped how central banks think about custody.”

According to the World Gold Council survey, the Bank of England remains the most popular overseas vaulting location. Fifty-seven percent of the central banks surveyed indicated that they had some gold stored in the UK. That was down from 64 percent last year.

Domestic vaulting was the second-most popular option, with 49 percent expressing it as their preference.

The number of banks vaulting at least some gold in New York also dipped, falling from 17 percent last year to 14 percent today.

World Gold Council head of central banks Shaokai Fan said that “geopolitical concerns” and “fears about maintaining full access to your gold at all times” were driving repatriation efforts.

“Those concerns have been simmering for a long time, of course, but I think that central banks are now taking this a little bit more to heart, thinking more about where they should store their gold. They are looking to mitigate risk, even if it doesn’t necessarily mean bringing the gold home.”

France completed its gold repatriation project earlier this year. The Banque de France (BdF) unloaded “non-standard” gold bars of varying purity and size that were stored in New York. The central bank used the proceeds to purchase new gold bars that meet international reserve standards for weight, purity, and certification. Think of it as exchanging “junk silver” for pure .999 silver coins.

The upgraded gold will remain safely within French borders.

Metals Focus senior analyst Junlu Liang said these gold movements show how central banks are reassessing the role of gold in reserve management.

“In some countries, domestic political considerations have further strengthened calls to relocate gold holdings closer to home.”

Several other countries have repatriated gold in recent years, including the Netherlands, Australia, Poland, Hungary, and Romania. Meanwhile, there is a growing chorus of voices across the political spectrum calling on German officials to bring the country’s gold home.

This gold repatriation trend underscores the importance of holding physical gold free from counterparty risk.  

If you store your gold and silver with a third party, you could lose your metal through theft, fraud, or an act of God. Of course, you could lose silver and gold stored in your home the same way (except for fraud), so you have to weigh the risk of using third-party storage and keeping large amounts of silver and gold at home.

If you opt for third-party vaulting, it is important to choose a trusted company.

Money Metals offers secure precious metals storage in its state-of-the-art facility.

Here are just a few advantages of storing with Money Metals:

• Money Metals Depository contents are fully insured by Lloyd's of London.

• Metals stored in your account are segregated and never commingled or rehypothecated — and cannot be used as collateral for a loan by anyone but you.

• Depository holdings are independent and removed from any bank, Wall Street, or Washington, D.C.