Archive · 4 Sep 2026
Netherlands Moves Gold to London Amid Rising Geopolitical Tensions
The Netherlands moved a large amount of its gold to London.
The gold was moved from storage locations in New York and Ottawa between March and August.
Some gold was sold in New York and replaced with gold bought in London.
Other gold was physically moved through the Netherlands before reaching London.
London is a major place for buying, selling and lending gold.
The Bank of England can help central banks trade gold without moving the bars each time.
Dutch officials said the move makes their gold easier to use during a crisis.
They also said they do not expect to need to use the reserves.
The transfer was kept secret until it was finished because officials considered it important to national security.
The Netherlands moved about 86 metric tonnes of gold from New York and Ottawa to London between March and August.
The transfer was valued at around $12 billion and involved more than a quarter of the Netherlands’ gold previously stored in the US and Canada.
London now holds almost one-third of the Netherlands’ gold reserves, while 30.8% remains at the cash centre in Zeist.
The Dutch central bank said London makes the gold easier to trade and strengthens the country’s resilience and preparedness.
The Bank of England stores about 430,000 gold bars for more than 60 central banks in nine vaults.
- Who
- The Dutch central bank, De Nederlandsche Bank, moved part of the Netherlands’ gold reserves, with Finance Minister Eelco Heinen and Governor Olaf Sleijpen commenting on the operation.
- What
- About 86 metric tonnes of gold, worth around $12 billion, were relocated from New York and Ottawa to London.
- When
- The transfer took place from March through August; the announcement followed its completion.
- Where
- Gold was moved from New York and Ottawa, partly through Zeist in the Netherlands, to the Bank of England’s vaults in London.
- Why
- The Dutch central bank said the move would improve the gold’s tradability and strengthen the Netherlands’ resilience and preparedness amid rising geopolitical tensions.
London Storage Benefits
Diversified or Domestic Storage
Ease of trading
London Storage Benefits
The Dutch central bank said gold held at the Bank of England is among the world’s most easily tradable, allowing reserves to be deployed quickly in a crisis. Jan Kubicek said London storage reduces transaction costs.
Diversified or Domestic Storage
Central banks traditionally balance rapid access through financial hubs against the safety of keeping reserves at home or in multiple locations.
Concentration of reserves
London Storage Benefits
Moving gold to London gives the Netherlands greater access to the world’s most active and liquid gold market and allows bars to be traded without being physically moved from Bank of England custody.
Diversified or Domestic Storage
The article notes that India has reduced the amount of gold it stores at the Bank of England, illustrating that some countries are choosing to adjust or diversify their storage arrangements.
- Gold transferred
- About 86 metric tonnes
- Estimated value
- Around $12 billion
- Transfer period
- March through August
- Largest storage location
- London now holds almost one-third of the Netherlands’ gold reserves
- Zeist holdings
- 30.8% of the Netherlands’ total 612.4-tonne reserves remain at the Zeist cash centre
- Bank of England vaults
- About 430,000 gold bars across nine vaults
- Central-bank customers
- More than 60 central banks store gold at the Bank of England