PARIS (Azat TV) – The Banque de France (BdF) announced last week a substantial capital gain of €12.8 billion resulting from the upgrade of 129 tonnes of gold. This operation involved gold reserves previously held in New York, representing approximately 5 percent of France’s total gold holdings.
Gold Reserves Repatriated and Upgraded
The upgrade and replacement of the gold took place between July 2025 and January 2026. The 129 tonnes of gold were the final portion of France’s reserves that had been stored in New York. These reserves were subsequently replaced with an equivalent amount of gold purchased and held within Europe, specifically in Paris.
Financial Impact of Gold Repatriation
This strategic move has yielded a significant financial benefit for the central bank, generating a capital gain of €12.8 billion. The upgrade process likely involved refining the gold, potentially increasing its purity or market value, thereby contributing to the substantial profit realized by the Banque de France. The decision to bring these reserves back to Paris also aligns with a broader trend among central banks to hold a larger proportion of their gold domestically.
France’s Gold Holdings
France holds a significant amount of gold reserves, with the 129 tonnes repatriated and upgraded constituting about 5 percent of the nation’s total holdings. The Banque de France’s decision to move its last remaining reserves from New York to Paris underscores a strategic shift in how the nation manages its most valuable assets. This move not only secures the gold within French borders but also allows for direct oversight and management of its condition and value.
The Banque de France’s successful €12.8 billion capital gain from the upgrade and repatriation of its gold reserves highlights the strategic financial benefits of managing national assets domestically and underscores the enduring value of gold as a reserve asset in the global financial system.