Spain is under new scrutiny over where it keeps its gold. According to Money Metals News Service, several countries have moved reserves closer to home, prompting questions about whether Madrid will follow. El País reported that while the Bank of Spain holds roughly 289 tonnes of gold—the sixth-largest reserve among EU countries—the central bank declined to reveal how much, if any, remains in New York, citing confidentiality.
What moved—and why allies are recalculating
Money Metals News Service reported that the Netherlands recently shifted 86 tonnes of gold from North America to London, citing “increasing geopolitical unrest” and a desire to “strengthen crisis preparedness.” The outlet also said France completed a repatriation project earlier this year: the Banque de France unloaded “non-standard” bars stored in New York and used the proceeds to buy bars that meet international reserve standards.
In India, the Reserve Bank of India brought 100 tonnes of gold home in spring 2024 and repatriated another 104 tonnes over the following six months, according to the Economic Times of India, which linked the moves to sanctions episodes involving Russia and Afghanistan.
Spain’s position—and a push from inside Europe
El País, citing unnamed sources, reported that most of Spain’s gold is held within Spanish borders and that any amount stored in the U.S. is likely small. The Bank of Spain did not comment on holdings in New York or potential transfers, per El País.
El País also quoted Instituto de Estudios Bursátiles professor Luis Garvía, who argued that bringing gold to Spain “would not be a sovereigntist gesture; it would be part of the European Union’s strategic autonomy framework.”
Sanctions risk reshapes custody choices
El País linked the broader repatriation trend to concerns over the “weaponization of the dollar,” noting that the 2022 freezing of Russian assets “set off alarm bells in nonaligned countries.” The Economic Times of India similarly framed recent central-bank moves as a response to sanctions risk.
London’s liquidity is a draw, but it comes with its own political risks. El País pointed to Venezuela’s unsuccessful effort to retrieve gold from London after the UK said it did not recognize Caracas’s monetary authority.
Germany and Italy debates add pressure
Germany’s Bundesbank moved 674 tonnes of gold from Paris and New York back to Germany in 2013 and still keeps about one-third in New York, according to Money Metals News Service. Earlier this year, economist Emanuel Mönch—a former Bundesbank head of research—was cited by the outlet as saying it is “too risky” to store so much gold in the U.S. Money Metals also noted calls in Italy to repatriate gold.
Survey signals a shift to domestic storage
A 2023 World Gold Council survey found a “substantial share” of central banks worried about potential sanctions after the U.S. and others froze a large portion of Russia’s reserves, per Money Metals’ summary. The survey indicated 68% planned to keep gold within national borders, up from 50% in 2020. Reuters quoted an anonymous central bank official saying, “We did have it [gold] held in London… but now we’ve transferred it back to our country to hold as a safe haven asset and to keep it safe.”
What’s next for Spain
Spain’s central bank has not disclosed its overseas allocations, and El País’ sources described the U.S.-held share as likely small. Whether Madrid will repatriate any remaining bullion remains an open question amid European peers’ moves and ongoing sanctions concerns documented by El País, the Economic Times of India, Reuters, and Money Metals News Service.
