Dutch central bank shifts 86 tonnes of gold from US and Canada to London

De Nederlandsche Bank (DNB) has confirmed it moved 86 tonnes of gold reserves from the United States and Canada to London between March and August this year. The bank cited growing geopolitical instability as the main driver behind the decision.

According to DNB, gold held in London can be traded and deployed more quickly than reserves stored in New York or Ottawa. Bank president Olaf Sleijpen said the move strengthens the deployability of the reserves in a potential crisis, adding that while the bank does not expect to ever actually need to use the gold, boosting resilience and preparedness was still necessary.

Reserve shares shift

The Netherlands' total gold stock stood at 612.4 tonnes, valued at roughly €72.2bn, at the end of 2025. Before the transfer, 31.3% of reserves were held in New York and 19.7% in Ottawa; each now accounts for 18.5%. London's share rose from 18.1% to 32.1%, while 30.8% of the gold remains stored within the Netherlands itself.

The transfer combined financial transactions — buying and selling gold — with physical shipment. More than 27 tonnes of physical gold were moved via Zeist in the Netherlands, allowing an equivalent amount already there to be sent on to London without melting down any bars.

Wider context

A representative of a Paris-based gold trading body said central banks have been repositioning their reserves for roughly a decade, and that the current political climate in the US could push more banks toward alternative storage locations. London's market is considered the deepest and most liquid, making gold easier to deploy quickly during a crisis.

Analysts noted the Dutch move currently appears to be a fairly isolated case, though if other central banks followed suit it could dent confidence in the US. Similar concerns about reserve security in New York were raised earlier this year in Germany, but the Bundesbank has so far decided not to relocate its holdings.