Key facts
- The Dutch central bank moved 86 tonnes of gold reserves from the US and Canada to London.
- The relocation was prompted by increasing geopolitical unrest and a desire to improve the gold's deployability in a crisis.
- Gold held in London is considered more easily tradable than reserves stored in New York and Ottawa.
- The operation involved a combination of physical transfers and buying/selling of gold.
- The Dutch central bank's total gold holdings were valued at €72.2 billion ($83.7 billion) at the end of 2025.
The Dutch central bank, De Nederlandsche Bank (DNB), has moved 86 tonnes of its gold reserves from storage facilities in the United States and Canada to London, citing increasing geopolitical unrest. The bank stated that gold held in London is more easily tradable and deployable in a crisis situation compared to reserves in New York and Ottawa. This relocation, which occurred between March and August, is part of the bank's efforts to strengthen resilience and preparedness.
Prior to the move, 31.3% of the Dutch gold was stored in New York and 19.7% in Ottawa. Following the transfer, both locations now hold 18.5% of the reserves, while London's share increased from 18.1% to 32.1%. The Netherlands itself holds 30.8% of its gold reserves. The operation involved physically moving some gold and utilizing sales and purchases to achieve the redistribution. DNB President Olaf Sleijpen emphasized that the move enhances the deployability of the gold reserves.
Experts note that central banks have been reallocating reserves for about a decade, with current political contexts potentially influencing storage location choices. The London market's depth and liquidity make it favorable for central banks to lend gold to other institutions. While this move is considered a one-off, a broader trend could impact confidence in US storage. The German Bundesbank, however, has decided to maintain its gold reserves in New York for the time being.