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How France Secretly Repatriated All Its Gold Before Nixon's Dollar Devaluation

President de Gaulle of France initiated the secret operation “Vide-Gousset” and repatriated 3,313 tonnes of gold reserves from the vaults of the Federal Reserve in New York and the Bank of England in London from 1963 until 1966. De Gaulle feared America’s deficit in its balance of payments would rupture Bretton Woods and lead to a devaluation of the dollar against gold.

All France’s dollars were converted into gold and to avoid treachery the metal was repatriated over the course of three years. It took 44 boat trips and 129 flights to bring home more than three thousand tonnes of gold to the Banque de France in Paris.

France’s decision turned out extremely well. As was foreseen by the French, the price of gold in dollars increased sharply, from $35 to $800 dollars an ounce from 1968 until 1980—the dollar lost 96% of its value against gold. Countries that held on to their dollars were less fortunate.

More recently, after the Great Financial Crisis, the Banque de France repatriated 211 tonnes, upgraded all its bars to current wholesale standards, overhauled its vaults, revived Paris as a trading hub for institutional investors, and history repeats itself as we are in a gold bull market presently.

Full article: https://www.moneymetals.com/news/2024/10/05/why-france-repatriated-3313-tonnes-from-new-york-and-london-in-the-1960s-003516