The central bank of the Netherlands has announced the relocation of 86 tonnes of its gold reserves from the United States and Canada to London, attributing this decision to “growing geopolitical tensions.”
De Nederlandsche Bank (DNB) explained that gold stored in London offers greater ease of trading compared to reserves held in New York and Ottawa. In a statement released on Wednesday, the bank noted, “This adjustment enhances DNB’s ability to mobilize resources quickly in a crisis.”
DNB President Olaf Sleijpen emphasized, “While we hope never to need to use our gold reserves, it is essential to bolster our resilience and preparedness.” At the end of 2025, DNB reported its total gold reserves at 612.4 tonnes, valued at €72.2 billion ($83.7 billion).
Prior to this transfer, 31.3% of the Dutch gold was located in New York, and 19.7% in Ottawa. Post-move, the gold distribution is equalized, with each country holding 18.5% of the reserves. Meanwhile, the portion of gold in London rose significantly from 18.1% to 32.1%, and the bank retains 30.8% of its gold within the Netherlands.
The transfer involved a combination of buying and selling, along with the physical relocation of gold. DNB specified that over 27 tonnes of physical gold were transported from the US and Canada to Zeist, after which a similar quantity was sent from Zeist to London, thereby avoiding the need to melt down gold bars.
DNB commented, “By integrating purchasing, selling, and physical transfer, we have mitigated the risks linked to moving substantial amounts of gold.” This operation spanned from March to August of this year.
Laurent Schwartz, president of the National Gold Counter based in Paris, noted that central banks have been reallocating their reserves for nearly a decade. He pointed out that the current political climate in the United States might prompt some central banks to prefer alternative storage options.
Schwartz further highlighted that the London market is the most robust and liquid, facilitating easier deployment during crises. “Central banks can more readily lend their gold to other banking institutions in that environment,” he added.
John Plassard, an analyst at Cite Gestion Private Bank, stated that the Dutch relocation aimed to ensure quicker access in a crisis scenario. He described this as a “relatively unique move” but cautioned that if other central banks follow suit, it could undermine confidence in the United States as a secure location.
Earlier this year, concerns were raised in Germany regarding the security of the Bundesbank’s reserves in New York. However, the influential Bundesbank has opted to maintain its gold reserves in New York for the time being, stating, “The New York Fed is and remains a crucial storage site for our gold,” in a January interview with public broadcaster ARD.
