Dutch central bank shifts gold reserves to London for crisis
The Dutch central bank moved 86 tonnes of gold from North America to the Bank of England, citing geopolitical unrest and the need for easier trading in a
The Dutch central bank (DNB) has transferred 86 tonnes of gold from the United States and Canada to London. The operation, conducted between March and August, was described as a measure to strengthen crisis preparedness amid increasing geopolitical tensions.
Bank president Olaf Sleijpen stated the move was necessary to bolster resilience. The DNB confirmed the gold is now held by the Bank of England, where it is considered the world's most easily tradable gold and thus more readily available in an emergency.
The transfer operation
The relocation was a complex process involving both physical transport and financial transactions. A total of 27 tonnes of gold bars were physically moved from vaults in New York and Ottawa to a facility in Zeist, the Netherlands. An equivalent quantity and quality of gold was then transported to London, with no need to melt down the bars.
The remainder of the 86-tonne transfer was executed by selling gold in New York and repurchasing it in London. The DNB said combining these methods helped spread the risks associated with such a large-scale relocation. The exact logistics of moving the gold across the Atlantic Ocean were not disclosed.
Geopolitical and economic context
The bank cited increasing geopolitical unrest as a key reason for the shift, though it did not specify the exact concerns. The announcement comes against a backdrop of an ongoing trade dispute between the US and Canada, with both nations imposing fresh tariffs after failed talks.
Canada has been particularly affected by US tariffs on steel, aluminium, lumber, and automobiles. An additional 50% levy was announced in August on approximately C$28 billion worth of Canadian goods. The DNB also noted the uncertain position of the US economy due to its ongoing war with Iran, which has impacted global trade.
Changes to gold reserve distribution
The transfer significantly alters the geographical distribution of the Netherlands' gold reserves. Before the operation, the DNB held 31.3% of its gold in New York and 19.7% in Ottawa. Those shares have now each fallen to 18.5%.
Conversely, the share of gold held in London has risen sharply from 18.1% to 32.1%. The bank continues to hold 30.8% of its total gold reserves within the Netherlands itself. The following table shows the change in the distribution of the Dutch central bank's gold reserves.
| Storage Location | Share Before Transfer | Share After Transfer |
|---|---|---|
| New York, USA | 31.3% | 18.5% |
| Ottawa, Canada | 19.7% | 18.5% |
| London, UK | 18.1% | 32.1% |
| Netherlands | 30.8% | 30.8% |
Value of the reserves
The DNB stated its total gold stock stood at 612.4 tonnes at the end of 2025. This hoard has been valued at 72.2 billion euros. The 86 tonnes relocated represents a substantial portion of the nation's monetary reserves. The bank's statement emphasized that holding gold with the Bank of England enhances its liquidity and crisis readiness compared to keeping it in North America.
