Dutch Central Bank Moves Billions in Gold from US to UK for 'Crisis Preparedness'

The Dutch central bank, De Nederlandsche Bank (DNB), has relocated 86 tonnes of its gold reserves from vaults in the United States and Canada to London, citing "increasing geopolitical unrest" and a need to bolster "crisis preparedness." The transfer, valued in billions, occurred between March and August of this year. DNB President Olaf Sleijpen stated that the move enhances the deployability and tradability of the gold in a crisis situation, as reserves held in London are considered more easily accessible than those previously stored in New York and Ottawa.

This strategic shift alters the geographic distribution of the Netherlands' gold holdings. Prior to the transfer, 31.3% of the Dutch gold was held in New York and 19.7% in Ottawa. Following the move, each of these North American locations now accounts for 18.5% of the total, while London's share has increased from 18.1% to 32.1%. Approximately 30.8% of the Dutch gold reserves remain within the Netherlands itself.

The operation involved a combination of physical transport and the buying and selling of gold to mitigate risks associated with moving such a substantial quantity. The total Dutch gold stock was reported to be 612.4 tonnes, valued at €72.2 billion ($83.7 billion), at the close of 2025.