The Dutch central bank, De Nederlandsche Bank (DNB), has relocated 86 tonnes of gold reserves from the United States and Canada to London, citing increasing geopolitical instability as a key reason for the move. The transfer, completed between March and August this year, is part of the Netherlands' efforts to enhance the resilience and flexibility of its gold holdings amid uncertain global conditions.

Before the relocation, the Netherlands held about 31.3 percent of its gold reserves in New York and 19.7 percent in Ottawa. Following the transfer, both New York and Ottawa now hold roughly 18.5 percent each. Meanwhile, the share of gold stored in London increased significantly, from 18.1 percent to 32.1 percent. The Netherlands continues to keep approximately 30.8 percent of its gold within its own borders. In total, the country’s gold stock stood at 612.4 tonnes at the end of 2025, valued at around €72.2 billion.

According to Olaf Sleijpen, governor of the DNB, the redistribution aims to improve the tradability and deployability of the reserves. He stated that while the bank does not anticipate the need to use these reserves, increasing their accessibility strengthens the country’s crisis preparedness. The move also spreads risk by diversifying the locations of the holdings.

The transfer process involved a combination of transactions and physical movements. More than 27 tonnes of physical gold were moved from the United States and Canada to Zeist, the Netherlands, and an equivalent amount was subsequently transferred from Zeist to London. This method avoided melting down gold bars and helped maintain the integrity of the reserves.

The decision to shift a larger proportion of gold reserves to London comes amid broader concerns over geopolitical tensions. Some analysts note that these developments follow prior uncertainties regarding possible tariffs on gold in the United States. While gold was ultimately exempted from such tariffs, the episode underscored potential vulnerabilities in holding significant reserves in the U.S. market, which remains a major center for gold futures trading.

By situating more of its reserves in London, the Dutch central bank seeks to place its gold where it can be traded more rapidly and efficiently, enhancing the ability to respond to any future financial or geopolitical crises.