AMSTERDAM: The Dutch central bank has moved 86 tonnes of its gold reserves from the United States and Canada to London, citing growing geopolitical uncertainty and the need to improve access during potential crises.
De Nederlandsche Bank (DNB) said London offers greater liquidity, allowing it to trade or deploy gold more quickly if necessary.
DNB President Olaf Sleijpen said the bank does not expect to use its reserves but wants to strengthen preparedness and resilience.
The Netherlands held 612.4 tonnes of gold worth €72.2 billion at the end of 2025.
London’s Share of Dutch Gold Reserves Rises
Before the operation, DNB stored 31.3% of its gold in New York and 19.7% in Ottawa. Following the transfer, each location now holds 18.5%.
Meanwhile, London’s share increased from 18.1% to 32.1%, while 30.8% remains in the Netherlands.
The bank completed the operation between March and August through a combination of physical transfers and market transactions.
Furthermore, DNB physically moved more than 27 tonnes from the United States and Canada to Zeist before transferring an equivalent quantity from Zeist to London.
Central Banks Reassess Gold Storage Strategies
Gold market specialist Laurent Schwartz said central banks have been relocating reserves for about a decade. He described London as the deepest and most liquid gold market, making reserves easier to deploy during crises.
Analyst John Plassard said the Dutch decision appeared aimed at improving immediate access to gold. However, he warned that similar moves by other central banks could eventually affect confidence in the United States.
Germany has so far decided to retain its reserves in New York despite earlier concerns.
Separately, France completed a programme in January 2026 that relocated 129 tonnes of gold from New York.
