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The Netherlands has moved 86 tonnes of its gold reserves previously held in the United States and Canada to London, citing rising geopolitical uncertainty.
The Netherlands’ central bank, De Nederlandsche Bank (DNB), said on Wednesday that the entire transfer was completed between March and August this year.
According to DNB, gold held in London is easier to trade than reserves stored in New York and Ottawa, allowing the bank to deploy the gold more quickly in a crisis.
“This step has made our gold reserves more readily usable. We assume that we will never have to use this gold. Nevertheless, we need to further strengthen our capacity and preparedness,” DNB President Olaf Sleijpen said.
DNB said the Netherlands had a total gold reserve of 612.4 tonnes at the end of 2025, valued at €72.2 billion ($83.7 billion).
Before the transfer, 31.3% of the Dutch gold reserves were held in New York and 19.7% in Ottawa. Following the move, the combined share held in New York and Ottawa fell to 18.5%, while the share stored in London rose from 18.1% to 32.1%.
How was the gold transferred?
DNB said the entire 86 tonnes was not physically transported directly from the United States and Canada to London. Some of the gold was transferred through transactions, while some was physically moved.
The bank brought more than 27 tonnes of physical gold from the US and Canada to the Netherlands and sent an equivalent amount from the Netherlands to London. This arrangement meant the existing gold bars did not have to be melted down and recast.
Laurent Schwartz, president of Paris-based National Gold Counter, which facilitates gold transactions in France, said central banks had been relocating their gold reserves for nearly a decade.
He said the current political situation in the United States could also encourage some central banks to store gold elsewhere.
According to Schwartz, London has one of the world’s most liquid gold markets, making it easier to use gold held there quickly during a crisis. Central banks can also use the gold stored in London more easily as collateral for loans from other banking institutions, he said.
What is the purpose?
John Plassard, an analyst at Cité Gestion Private Bank, said the Dutch central bank’s move was aimed at making its gold reserves more readily available in the event of a crisis.
He warned that if other central banks began moving their gold out of the United States in a similar manner, it could negatively affect confidence in the US.
Concerns also emerged in Germany
Earlier this year, concerns arose in Germany over the security of the country’s gold reserves held in New York. However, Germany’s central bank, the Bundesbank, decided against withdrawing its gold from New York.
