Europe Moves Gold Out Of North America: Is Trust In The U.S. Changing?

Europe is quietly reshaping where it keeps its gold. The Netherlands has shifted around 86 tonnes of gold away from the U.S. and Canada, with London emerging as a larger storage hub. Officially, the move is about crisis preparedness, tradability and spreading risk. But the timing has raised bigger questions as Europe’s relationship with Washington becomes increasingly complicated. France has also moved gold from New York, while Germany has repatriated hundreds of tonnes in recent years. The moves do not prove Europe distrusts the U.S., but they highlight a growing concern: what happens to national reserves if geopolitical alliances change?