The Dutch central bank (DNB) announced on Wednesday that it has successfully relocated 86 tonnes of its gold reserves from the United States and Canada to London. The institution cited “increasing geopolitical unrest” as the primary driver for the strategic shift.
According to the DNB, holding the reserves in London offers improved liquidity, as the gold can be traded more efficiently there than in New York or Ottawa. “This makes it the quickest for DNB to deploy in a crisis situation,” the bank stated. DNB President Olaf Sleijpen emphasized that while the bank expects the gold will not need to be utilized, the move is a necessary measure to bolster the nation’s resilience and overall preparedness.
Prior to the relocation, the Dutch bank held 31.3% of its total gold stock in New York and 19.7% in Ottawa. Following the transfer, the holdings in both locations have been reduced to 18.5% each. As of the end of 2025, the total Dutch gold stock was valued at €72.2 billion, amounting to 612.4 tonnes.
The logistical operation involved a combination of buying and selling alongside physical transport to manage the risks associated with moving such a large volume of assets. The bank confirmed it moved over 27 tonnes of physical gold from the United States and Canada to Zeist. To avoid the need for melting down gold bars, an equivalent quantity of gold was subsequently moved from Zeist to London. The DNB noted that by utilizing this dual approach of trading and physical movement, it effectively spread the risks inherent in the transfer process.
