De Nederlandsche Bank (DNB) has announced the relocation of 86 tonnes of its gold reserves from the United States and Canada to London, a decision driven by what it describes as “increasing geopolitical unrest.” The move, disclosed on Wednesday, is part of a broader strategy to ensure that the Netherlands’ gold holdings can be quickly deployed if a crisis were to emerge.
In a statement, the DNB explained that gold stored in London can be traded more easily than bullion held in New York or Ottawa. “This makes it the quickest for DNB to deploy in a crisis situation,” the bank said, underscoring the importance of liquidity in times of uncertainty.
Olaf Sleijpen, president of the DNB, framed the transfer as a precautionary measure. “With this step, we have improved the deployability of the gold reserves. We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness,” he said.
Shifting the balance of reserves
Before the transfer, the Dutch central bank held 31.3% of its gold in New York and 19.7% in Ottawa. After the operation, those shares have each fallen to 18.5%. Meanwhile, the proportion stored in London has jumped from 18.1% to 32.1%. The Netherlands itself continues to hold 30.8% of its gold, with the remainder now split between the UK and other locations.
The total Dutch gold stock stands at 612.4 tonnes, valued at €72.2 billion at the end of 2025. The DNB said the transfer was executed through a combination of buying and selling and physical transportation. More than 27 tonnes of gold were physically moved from the United States and Canada to the DNB’s facility in Zeist, while an equivalent amount was transported from Zeist to London. This approach, the bank noted, avoided the need to melt down bars and spread the risks associated with moving such a large quantity of precious metal.
The decision comes against a backdrop of heightened geopolitical tensions, including the ongoing trade disputes between the United States and its allies. The DNB’s move reflects a broader trend among European central banks to reassess the safety and accessibility of their reserves. As the Netherlands also grapples with energy security challenges, the emphasis on preparedness appears to be a recurring theme in Dutch policy.
Analysts note that London has long been a hub for gold trading, offering deep liquidity and a well-established infrastructure. By increasing its exposure there, the DNB aligns itself with other major central banks that already hold significant portions of their reserves in the UK. The shift also reduces reliance on North American storage, a move that some observers interpret as a subtle hedge against transatlantic instability.
While the DNB insists it does not expect to use the gold, the symbolic weight of the decision is significant. It signals that even the most stable European economies are preparing for a more volatile global environment. As Canada explores closer ties with the EU, the movement of Dutch gold away from North America may be seen as a quiet recalibration of financial dependencies.
The DNB’s announcement also comes at a time when the EU trade chief has ruled out mediating the US-Canada trade war, adding to the sense of economic fragmentation. For the Netherlands, a country with deep transatlantic connections, the decision to bring gold closer to home is a pragmatic response to an unpredictable geopolitical landscape.
In practical terms, the transfer was completed without incident, and the DNB has not disclosed the exact costs involved. However, the bank emphasized that the combination of financial and physical operations minimized risks and ensured that the gold remains fully accounted for at every stage.
As Europe navigates a period of heightened uncertainty, the Dutch move may prompt other central banks to review their own storage arrangements. The message from Amsterdam is clear: in a world where crises can escalate quickly, having assets within easy reach is a prudent strategy.
