The Dutch central bank has relocated 86 metric tons of gold reserves from the United States and Canada to the United Kingdom, citing rising geopolitical uncertainty and the need for faster access to its holdings during a potential crisis.
London Offers Greater Gold Market Liquidity
De Nederlandsche Bank, or DNB, said gold stored in London can be traded more easily than reserves held in New York and Ottawa. London is home to one of the world’s largest and most liquid gold markets.
“This makes it the quickest for DNB to deploy in a crisis situation,” the central bank said in a statement Wednesday.
The decision forms part of the bank’s broader effort to strengthen its financial preparedness. Central banks typically maintain gold as a reserve asset that can provide stability during periods of economic, political or financial disruption.
“With this step, we have improved the deployability of the gold reserves. We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness,” DNB President Olaf Sleijpen said.
Dutch Gold Reserves Valued at $83.7 Billion
The Netherlands held 612.4 metric tons of gold valued at €72.2 billion, or approximately $83.7 billion, at the end of 2025, according to DNB.
Before the relocation, 31.3% of the country’s gold was stored in New York, while 19.7% was held in Ottawa. Following the move, each location accounted for 18.5% of the Netherlands’ total gold reserves.
London’s share increased from 18.1% to 32.1%. Another 30.8% remains stored in the Netherlands.
The new distribution gives the Dutch central bank a more balanced network of storage locations while placing a larger proportion of its reserves near London’s active bullion market.
Gold Transfer Combined Trading and Physical Transport
DNB completed the transfer through a combination of gold purchases, sales and physical transportation.
More than 27 metric tons of physical gold was moved from the United States and Canada to Zeist, a city in the central Netherlands. An equivalent amount was then transported from Zeist to London.
This arrangement prevented existing gold bars from having to be melted and recast to meet the standards required at another storage facility.
“By combining buying and selling and physical transport, the risks associated with physically moving a large quantity of gold have been spread,” DNB said.
The operation was conducted between March and August.
Central Banks Review Gold Storage Strategies
Laurent Schwartz, president of the Paris-based National Gold Counter, which facilitates gold trading in France, said central banks have been adjusting the geographic distribution of their reserves for roughly a decade.
“The current political context in the United States might also push certain central banks into favouring other storage locations,” Schwartz said.
He described London as the world’s deepest and most liquid gold market, allowing central banks to access or use their holdings more efficiently during periods of financial stress.
“Central banks can more easily lend their gold there to other banking institutions,” he said.
John Plassard, an analyst at Cite Gestion Private Bank, said the relocation was intended “for there to be more immediate availability in the event of a crisis.”
Plassard characterized the Dutch decision as a “fairly one-off move.” However, he cautioned that confidence in the United States as a reserve-storage location could be affected if other central banks made similar changes.
Germany Keeps Gold at New York Federal Reserve
Concerns about overseas gold storage also emerged in Germany earlier in the year, with questions raised about the security of the Bundesbank’s reserves in New York.
Germany’s central bank has not announced plans to relocate those holdings.
“The New York Fed is and remains an important storage site for our gold,” the Bundesbank told German public television station ARD in January.
The Dutch move does not eliminate New York or Ottawa from its reserve network. Instead, it increases the amount held in London, giving DNB faster access to a highly liquid market as geopolitical and financial uncertainty continues to influence central-bank planning.