Archive · 3 Sep 2026
Dutch Central Bank Moves 86 Tonnes of Gold to London
The Netherlands keeps some of its national wealth in gold.
Its central bank moved about 86 tonnes of gold from storage in the United States and Canada to London.
The transfer happened between March and August 2026.
The bank said London gold can be traded more quickly during a serious crisis.
Some gold bars were physically moved, while other gold was sold in New York and bought again in London.
This combination helped spread the risks of moving so much gold.
The bank said the decision was connected to increasing geopolitical unrest.
It did not explain exactly which events it meant.
De Nederlandsche Bank moved about 86 tonnes of gold from the United States and Canada to London between March and August 2026.
DNB cited increasing geopolitical unrest and said the relocation strengthens its resilience and crisis preparedness.
About 27 tonnes of gold bars were physically moved from New York and Ottawa to Zeist, then an equivalent quantity was sent to London.
Nearly 59 tonnes held in New York were sold and replaced with equivalent gold purchased in London.
London’s share of Dutch gold reserves rose from 18.1% to 32.1%, while total reserves stood at 612.4 tonnes at the end of 2025.
- Who
- De Nederlandsche Bank, led by President Olaf Sleijpen, carried out the relocation; the Bank of England now holds the London-based gold.
- What
- About 86 tonnes of Dutch gold reserves were relocated from the United States and Canada to London.
- When
- The operation took place between March and August 2026, and DNB confirmed it on 2 September.
- Where
- Gold was moved or replaced from holdings in New York and Ottawa, with the relocated gold now held in London; some bars passed through Zeist in the Netherlands.
- Why
- DNB cited increasing geopolitical unrest and said gold held in London is more easily tradable and therefore more readily available during a crisis.
Preparedness Rationale
Unspecified Geopolitical Concerns
Reason for the relocation
Preparedness Rationale
DNB said moving gold to London improves resilience, preparedness and the ability to deploy reserves quickly during a severe crisis.
Unspecified Geopolitical Concerns
DNB cited increasing geopolitical unrest but did not identify the specific threats or events behind the decision.
Choice of London
Preparedness Rationale
DNB and gold-market expert Laurent Schwartz said London is highly liquid and its gold can be traded or lent more easily during a crisis.
Unspecified Geopolitical Concerns
The relocation reduces the share of Dutch gold held in New York and Ottawa, and the bank did not publicly explain why those locations were considered less suitable.
Security of the operation
Preparedness Rationale
DNB said combining physical transport with sales and repurchases spread the risks of moving a large quantity of gold.
Unspecified Geopolitical Concerns
The authorities did not disclose exactly how the gold was transported across the Atlantic, leaving operational details undisclosed.
- Gold relocated
- Approximately 86 tonnes
- Physical shipments
- About 27 tonnes of gold bars moved from New York and Ottawa to Zeist, followed by an equivalent transfer to London
- New York transactions
- Nearly 59 tonnes were sold in New York and replaced with equivalent gold purchased in London
- London share
- Increased from 18.1% to 32.1% of Dutch gold reserves
- North American shares
- New York and Ottawa each fell to 18.5%, from 31.3% and 19.7%, respectively
- Total gold reserves
- 612.4 tonnes, valued at €72.2 billion at the end of 2025
- Gold held in the Netherlands
- 30.8% of the reserves, primarily at the DNB Cash Centre in Zeist
