The Dutch central bank (DNB) has confirmed the relocation of 86 tonnes of gold from the United States and Canada to London, a decision it attributes to 'increasing geopolitical unrest.' The operation, completed over several months, places the bullion under the custody of the Bank of England, where the DNB says it can be more easily traded in a crisis.

DNB President Olaf Sleijpen stated, '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.' The bank's statement underscored that London's gold is regarded as the world's most easily tradable.

Transfer Details

The transfer took place between March and August, involving the movement of more than 27 tonnes of physical gold bars from New York and Ottawa to the Dutch town of Zeist. An equivalent quantity was then shipped from Zeist to London, avoiding the need to melt down the bars.

The DNB executed the relocation through a combination of physical transport and financial transactions. 'By combining buying and selling and physical transport, the risks associated with physically moving a large quantity of gold have been spread,' the bank said in a statement.

Allocation Changes

Prior to the move, the Netherlands held 31.3% of its gold in New York and 19.7% in Ottawa. Following the transfer, these shares have each dropped to 18.5%. Conversely, the proportion held in London rose from 18.1% to 32.1%. The bank confirmed that 30.8% of its gold remains stored in the Netherlands.

The total Dutch gold stock amounts to 612.4 tonnes, valued at €72.2 billion at the end of 2025.

No Further Explanation Given

The DNB did not elaborate on the specific events behind its reference to 'increasing geopolitical unrest.' However, the bank's statement highlighted the need to ensure the gold's 'deployability' in times of crisis, with London considered the optimal location for such liquidity.

The operation comes amid ongoing trade tensions between the US and Canada, with both nations imposing fresh tariffs on each other following failed trade negotiations. Canada has been notably affected by US tariffs on key sectors including steel, aluminium, lumber, and automobiles, as well as a 50% tariff on approximately C$28 billion ($20bn; £15bn) of Canadian goods announced in August.