Why are European countries moving their gold out of North America?

The Netherlands has relocated 86 tonnes of its gold reserves, valued at approximately $10 billion, from North America to London, a move that concluded between March and August 2026. The Dutch central bank, De Nederlandsche Bank (DNB), announced the transfer, citing increasing geopolitical unrest and a desire to enhance its crisis preparedness. The bank stated that holding gold in London improves its tradability and deployability in a potential crisis, as London is considered a highly liquid market for gold.

DNB President Olaf Sleijpen emphasized that while the bank hopes never to deploy the reserves, strengthening resilience and readiness is crucial. The relocation involved both selling gold in New York and purchasing an equivalent amount in London, as well as physically transporting more than 27 tonnes of gold from North America to the Netherlands, and then transferring an equivalent amount meeting international standards from Dutch vaults to London. This strategic shift altered the distribution of Dutch gold holdings, with London's share increasing and North America's decreasing.

This decision by the Netherlands follows a broader trend among some European central banks to repatriate or re-distribute their gold reserves, with France undertaking a similar move between July 2025 and January 2026. The stated goal is to diversify risk and ensure greater physical control and accessibility of these vital financial safeguards amidst a backdrop of global economic and political uncertainties.