Dutch Central Bank Moves Gold Reserves from North America to London Amid Geopolitical Concerns

De Nederlandsche Bank (DNB) has relocated 86 tonnes of gold from the United States and Canada to London between March and August, citing increasing geopolitical unrest and the need for enhanced crisis preparedness. This transfer represents over a quarter of the approximately 313 tonnes DNB previously held in New York and Ottawa combined.

The move involved selling around 59 tonnes of gold in New York and repurchasing an equivalent amount in London, which avoided the costs and risks associated with physically melting down or transporting bars. Additionally, 27 tonnes were physically shipped to DNB's vault in Zeist, Netherlands, before being moved to London. Following this reshuffle, New York's share of Dutch gold reserves decreased from 31.3% to 18.5%, while Canada's share fell from 19.7% to 18.5%. In contrast, London’s share increased from 18.1% to 32.1%, making it the largest single location for Dutch gold reserves, with 30.8% still held domestically in the Netherlands.

DNB President Olaf Sleijpen emphasized that the relocation was necessary for strengthening the bank's resilience and preparedness. He noted that gold stored in London is considered the most easily tradable, making it more accessible in times of crisis. Although DNB did not specify the exact geopolitical factors influencing this decision, it coincides with rising tensions, including a tariff dispute between the US and Canada and broader uncertainties related to US foreign policy. Total Dutch gold reserves stood at 612.4 tonnes, valued at €72.2 billion, at the end of 2025.

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Source: KLEA News