By Benson Daniel
The Dutch central bank has moved about 86 tonnes of its gold reserves from the United States and Canada to London, citing rising geopolitical tensions and the need to strengthen its ability to deploy the precious metal quickly during a crisis.
De Nederlandsche Bank said the transfer was carried out between March and August 2026, with the gold relocated from storage facilities in New York and Ottawa to London, one of the world’s major centres for trading physical gold.
The move represents a significant redistribution of the Netherlands’ bullion holdings. Before the transfer, about 31.3 per cent of the country’s gold reserves were held in New York and 19.7 per cent in Ottawa. Following the operation, each location accounts for 18.5 per cent of the reserves, while London’s share has increased from 18.1 per cent to 32.1 per cent.
The Netherlands holds a total of about 612.4 tonnes of gold, valued at approximately €72.2 billion at the end of 2025. About 30.8 per cent remains stored in the Netherlands.
The central bank said the decision was driven by increasing geopolitical unrest and was intended to improve the liquidity and tradability of its reserves.
Gold held in London can be traded more easily than bullion stored in New York or Ottawa, allowing the Dutch central bank to access and deploy its reserves more rapidly if a severe crisis occurs.
DNB president Olaf Sleijpen said the institution does not expect to need to use the reserves in a crisis, but argued that strengthening preparedness was nevertheless necessary.
The relocation was carried out through a combination of physical transfers and market transactions. More than 27 tonnes of physical gold were moved from North America to the Netherlands, while an equivalent quantity was subsequently transferred from the Netherlands to London.
Separately, nearly 59 tonnes held in New York were sold and an equivalent amount of gold was purchased in London. The approach reduced the need to physically transport the entire quantity of bullion and helped spread the risks associated with moving large amounts of gold.
The decision comes at a time of heightened geopolitical and economic uncertainty, including tensions between the United States and its European allies and an unresolved trade dispute between Washington and Ottawa.
The move does not mean the Netherlands is withdrawing its gold from North America altogether. Both New York and Ottawa remain important storage locations, with each continuing to hold nearly one fifth of the country’s total reserves.
Instead, the redistribution gives DNB a more balanced geographical spread while increasing the proportion of its holdings located in a highly liquid gold market.
London is regarded as one of the world’s deepest markets for physical gold, making it easier for central banks to trade, lend or otherwise mobilise bullion when necessary.
The Dutch decision also comes amid wider debate among European central banks about where national gold reserves should be stored. Germany, for example, has faced calls to reconsider some of its gold holdings in New York, although the Bundesbank has maintained that the New York Federal Reserve remains an important and secure storage location.
Gold has increasingly attracted central bank demand in recent years as governments seek assets that can provide protection during periods of financial instability, geopolitical tension and currency uncertainty.
For the Netherlands, however, DNB has stressed that the latest move is primarily about accessibility and crisis preparedness rather than an immediate intention to sell its reserves.
The relocation means London now holds the largest share of Dutch gold outside the Netherlands, reflecting the importance of the British capital to the global bullion market.
While the transfer is unlikely to have a major immediate impact on the international gold market, any broader move by central banks to reduce their dependence on US storage facilities could carry wider implications for confidence in traditional reserve arrangements.
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