The world’s de-dollarization push continues, but this time, it’s America’s allies who are pulling back from greenbacks.
Canadian Prime Minister Mark Carney announced last week a $25 billion sovereign wealth fund to bolster domestic infrastructure, part of an effort to make Canada’s economy less dependent on the U.S.
The move follows France’s withdrawal of all of its 129 tons of gold held in the Federal Reserve Bank of New York between July 2025 and January 2026. France, considered America’s oldest ally, instead replaced the gold with an updated bullion and stored it in Paris—making $15 billion from selling its old stockpile.
Governor of the Bank of France Francois Villeroy de Galhau said the decision “was not politically motivated,” but the last time France repatriated gold was quietly between 1963 and 1966, fearing the U.S. mounting debt would result in…
