Netherlands Moves 86 Tonnes of Gold to London Amid 'Increasing Geopolitical Unrest'

The Netherlands has moved approximately 86 tonnes of its gold reserves from the United States and Canada to London, citing 'increasing geopolitical unrest' and the need to strengthen its preparedness for a severe crisis.

De Nederlandsche Bank (DNB), the Dutch central bank, said the transfer took place between March and August 2026 and was designed to make the country's gold reserves more liquid and easier to trade if they were needed during a crisis.

The move does not reduce the Netherlands' gold holdings. Instead, it changes where the reserves are stored and makes a larger portion immediately accessible through London's physical gold market.

Why the Netherlands Moved Its Gold

DNB said gold held at the Bank of England must meet modern international trading standards and is regarded as some of the world's most easily tradable gold.

The central bank said gold stored in New York and Ottawa cannot be utilised as quickly and directly during a crisis. Moving more reserves to London therefore improves their liquidity while spreading the Netherlands' holdings across North America, the UK and the Netherlands.

'With this relocation, we have improved the tradability of our gold reserves,' DNB Governor Olaf Sleijpen said. 'We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.'

DNB said the relocation forms part of wider preparations for severe crises rather than a reduction in its overall gold stockpile.

How Much Gold Did DNB Move?

The Netherlands held approximately 313 tonnes of gold across New York and Ottawa before the relocation.

About 59 tonnes were sold in New York, with the gold meeting international market standards, and then purchased in London. More than 27 tonnes were physically transferred from the United States and Canada to DNB's facility in Zeist, in the Netherlands.

A similar quantity was then transferred from Zeist to London. DNB said this approach prevented the need to remelt existing gold bars while combining physical transfers with buying and selling.

The country's total gold reserves remained unchanged at 612.4 tonnes, valued at €72.2 billion (about £62.1 billion) at the end of 2025.

London's Share Has Nearly Doubled

The relocation significantly changed the geographical distribution of Dutch gold.

Before the move, 31.3% of the reserves were held in New York, 19.7% in Ottawa, 18.1% in London and 30.8% in Zeist.

After the transfer, London's share increased to 32.1%, while New York and Ottawa each fell to 18.5%. The share held in Zeist remained unchanged at 30.8%.

DNB said the more balanced distribution helps spread risks while making the reserves more readily available during a crisis.

A Crisis-Preparedness Move

The decision highlights the role gold continues to play in central-bank reserves during periods of heightened uncertainty.

DNB described gold as an 'anchor of trust' and said it is particularly suited to protecting against extreme systemic risks.

The central bank also said combining different relocation methods was intended to spread operational risks and provide experience that could prove useful if another transfer became necessary during a future crisis.

For the Netherlands, the message is not that its gold reserves are disappearing from North America. Rather, DNB is repositioning part of its €72.2 billion gold stockpile to ensure it can be accessed and traded more quickly if geopolitical instability escalates into a serious financial crisis.