France’s central bank sold 129 metric tons of gold stored in New York and replaced it with newer bullion held in Paris, generating a roughly €13 billion, or $15.1 billion, profit. The move, which did not reduce France’s overall gold holdings, was timed to capitalize on elevated gold prices and was described by then-Governor Francois Villeroy de Galhau as not politically motivated. The transaction is part of a broader trend in which central banks are buying gold at a pace not seen in decades, with the World Gold Council’s 2026 survey showing 89% of reserve managers expect official gold holdings to increase over the next 12 months and a record 45% expecting their own institution’s reserves to rise. Countries such as China and Poland have been among the most active buyers, and there is growing pressure across Europe to bring gold reserves back home, especially those stored in the U.S. Analysts suggest that if more countries repatriate gold and diversify away from U.S.-linked assets, it could signal a gradual shift away from reliance on the U.S.-centric financial system, with potential implications for the dollar, markets, and everyday investors.