Discussion Paper
Gold Reserve Relocations: Are They Always Bad News for U.S. Dollar Reserves?
Abstract: This note reviews several publicized gold reserve relocations by central banks in the Netherlands, France, and Germany since 2013 and any concurrent changes in their U.S. dollar reserve allocations. Generally, the choice of where to custody gold reserves may in part reflect the perceived risk of sanctions or expropriation in the jurisdiction of custody alongside other considerations like the proximity to international gold markets.
https://doi.org/10.17016/2380-7172.4200
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Provider: Board of Governors of the Federal Reserve System (U.S.)
Part of Series: FEDS Notes
Publication Date: 2026-11-09
Number: 2026-11-09-3