Dutch Central Bank Shifts Gold Reserves to London Amid Geopolitical Tensions

The Dutch central bank announced Wednesday that it has moved a significant portion of its gold reserves out of North America to London, a step it described as 'crisis preparedness' in a time of global political unrest. The relocation involved 86 metric tons (94.8 tons) of gold transferred between March and August, according to the bank.

The bank said the gold was moved from New York and Ottawa, Canada, to London, with the aim of improving the tradability and deployability of its reserves. Governor Olaf Sleijpen said in a written statement: 'With this relocation, we have improved the tradability of our gold reserves.' He added: 'We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.'

The move comes as the Dutch central bank, known as DNB, said in a statement that gold held in London could be traded more easily than that held in New York or Ottawa, making it quicker for the bank to deploy in a crisis. Sleijpen, who serves as DNB president, said the step improves the deployability of the gold reserves and is necessary to strengthen resilience and preparedness.

Before the move, New York housed 31.3% of the Dutch gold and Ottawa held 19.7%. After the relocation, both cities now hold 18.5% of the Dutch gold, according to the bank. The bank owns a total of 612.4 metric tons (675 tons) of gold, valued at 72.2 billion euros (about $83.6 billion) at the end of 2025.

The bank detailed the mechanics of the transfer, saying more than 27 metric tons (30 tons) of gold were 'physically transferred' from the United States and Canada to a heavily guarded vault on a military base near the central town of Zeist, without elaborating on how the gold bars crossed the Atlantic Ocean. A similar quantity of gold was transferred from Zeist to London. The rest of the relocation was achieved by selling around 59 metric tons (65 tons) of gold in New York and using the proceeds to buy gold in London.