Netherlands moves gold reserves from North America to London
The Dutch central bank has relocated 86 tonnes of gold from the US and Canada to London, citing rising geopolitical instability. The months-long operation took place amid an ongoing US-Canada trade dispute.
The Dutch central bank (DNB) announced on Wednesday that it has moved 86 tonnes of gold from the United States and Canada to London. The complex operation took several months to complete and was driven, according to the bank, by growing geopolitical instability.
DNB president Olaf Sleijpen described the move as necessary to strengthen the bank's resilience and preparedness for crisis situations. The bank explained that gold held at the Bank of England is considered the most easily tradable in the world, making it more accessible in a crisis than gold stored in the US or Canada.
Context
The decision comes amid ongoing trade tensions between the US and Canada, with both countries imposing new mutual tariffs after failed negotiations. DNB did not specify exactly what it meant by geopolitical instability, but noted that the US economy remains affected by uncertainty tied to the continuing conflict with Iran, which has disrupted global trade. Canada, meanwhile, has been hit hard by US tariffs on steel, aluminium, timber and automobiles, including an additional 50% duty announced in August on roughly 17.4 billion euros worth of Canadian goods.
How the transfer worked
Between March and August, 27 tonnes of gold bars were shipped from New York and Ottawa to Zeist in the Netherlands; an equivalent amount of matching-quality gold was then moved to London without any need to melt down the bars. A further roughly 59 tonnes of gold was sold in New York and repurchased in London. Combining physical transport with buying and selling, the bank said, helped spread the risks involved in moving such large quantities of gold.
Before the operation, 31.3% of the Netherlands' gold reserves were held in New York and 19.7% in Ottawa; both shares have now dropped to 18.5%. The share held in London has risen from 18.1% to 32.1%, while 30.8% of reserves remain in the Netherlands itself. Total Dutch gold reserves stood at 612.4 tonnes at the end of 2025, valued at an estimated 72.2 billion euros.
