THE HAGUE – The Dutch central bank has moved approximately 86 tonnes of gold from the United States and Canada to London as part of an effort to strengthen its preparedness for major crises amid growing geopolitical uncertainty.
De Nederlandsche Bank (DNB) confirmed that the operation took place between March and August 2026 and involved gold previously held in New York and Ottawa. The 86 tonnes represented more than a quarter of the approximately 313 tonnes the Netherlands had stored in the two North American locations.
DNB said the move was intended to improve the liquidity and tradability of the country's gold reserves while creating a more balanced geographical distribution between North America, the United Kingdom and the Netherlands.
“With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” DNB Governor Olaf Sleijpen said.
The operation did not involve physically transporting all 86 tonnes directly from North America to London.
Approximately 59 tonnes were sold in New York, with an equivalent amount of gold meeting international market standards purchased in London. More than 27 tonnes were physically transported from the United States and Canada to DNB's facility in Zeist in the Netherlands. A similar quantity of internationally tradable gold was then moved from Zeist to London.
DNB said the arrangement avoided the need to remelt gold bars while reducing the risks and costs associated with physically transporting such a large quantity of bullion.
The total amount of gold owned by the Dutch central bank remained unchanged at 612.4 tonnes. At the end of 2025, those reserves were valued at €72.2 billion.
The redistribution significantly changed where the Netherlands keeps its gold. London's share increased from 18.1 percent to 32.1 percent, making it the largest single storage location. The share held in New York fell from 31.3 percent to 18.5 percent, while Ottawa's share declined from 19.7 percent to 18.5 percent. Another 30.8 percent remains in Zeist.
According to DNB, gold held at the Bank of England meets modern international trading standards and is regarded as among the world's most easily tradable physical gold. This means it could be mobilized more rapidly during a severe financial or geopolitical crisis than reserves held in New York or Ottawa.
The central bank stressed that the relocation forms part of a broader strategy to improve crisis preparedness and spread risks at a time of increasing geopolitical instability. Gold, DNB said, remains an important reserve asset because of its ability to serve as an anchor of confidence and provide protection against extreme systemic risks.