The Dutch central bank has confirmed it moved 86 tonnes of gold out of the United States and Canada to London between March and August, citing geopolitical unrest and a need for crisis preparedness. The shift raises London's share of Dutch reserves to 32.1%, while New York's and Canada's shares each fall to 18.5%.
De Nederlandsche Bank (DNB) has confirmed it moved 86 tonnes of gold out of the United States and Canada to London between March and August. The bank cited increasing geopolitical unrest and a need to strengthen crisis preparedness.
How the transfer was carried out
DNB sold roughly 59 tonnes of gold in New York and repurchased an equivalent quantity in London, a method that avoided the cost and quality risk of physically melting down bars for transport. A further 27 tonnes was physically shipped to DNB's own vault in Zeist in the Netherlands, with the same amount then moved on from Zeist to London. The bank said combining physical transport with buying and selling let it spread the risks of such a complex operation, though it has not disclosed exactly how the physical gold crossed the Atlantic.
Reserve shares shift toward London
The reshuffle leaves New York's share of Dutch reserves at 18.5%, down from 31.3%, while Canada's share also falls to 18.5%, down from 19.7%. London now holds the largest single share of Dutch gold at 32.1%, up from 18.1% before the move, while 30.8% remains stored domestically in the Netherlands. DNB President Olaf Sleijpen said the move was necessary to strengthen the bank's resilience and preparedness, adding that gold held in London is regarded as more easily tradable than reserves held in the US or Canada.
Geopolitical backdrop
DNB did not specify what it meant by geopolitical unrest. But the announcement lands against the backdrop of an escalating US-Canada tariff dispute, including an additional 50% levy on close to C$28 billion of Canadian goods, alongside broader uncertainty from the US war with Iran. The bank has also repeatedly flagged concern about Dutch reliance on US custody since Donald Trump returned to the White House, though it has stated it is not worried the US would move to seize the reserves outright.
Total Dutch gold holdings stood at 612.4 tonnes at the end of 2025, valued at €72.2 billion. The relocation does not change that total, but it marks one of the more explicit public statements yet from a G10 central bank on reducing its custodial reliance on North America.
Source: InvestingLive
Trading involves risk.
Risk Disclaimer
