Dutch Central Bank Moves Gold to London Over Geopolitical

The Dutch central bank (DNB) has moved billions of dollars worth of gold from North America to London in a major strategic shift. The bank cited increasing geopolitical unrest and the need to strengthen its resilience as reasons for the complex, months-long operation.

President Olaf Sleijpen stated the move was necessary to bolster the bank's preparedness. The transfer involved 86 tonnes of gold, which was removed from vaults in the United States and Canada between March and August of this year.

The Operation and Its Rationale

The relocation was a two-part process. First, 27 tonnes of gold bars were physically transported from New York and Ottawa to a vault in Zeist, the Netherlands. An identical quantity and quality of gold was then moved from there to the Bank of England in London, without needing to melt the bars down.

The remainder of the transfer was executed financially. The DNB sold gold in New York and simultaneously repurchased an equivalent amount in London. The bank stated that combining buying, selling, and physical transport allowed it to spread the risks associated with such a complex relocation.

While the DNB did not specify the exact nature of the geopolitical unrest, its decision comes amid global trade tensions. The bank highlighted that gold held with the Bank of England is regarded as the world's most easily tradable, making it more readily available in a crisis than if it remained in North America.

Shifting the Gold Reserves

The operation has dramatically altered the geographical distribution of the Netherlands' gold reserves. Prior to the move, the DNB held 31.3% of its gold in New York and 19.7% in Ottawa. Those shares have now fallen to 18.5% in each country.

Conversely, the bank's share of gold held in London has surged from 18.1% to 32.1%. The DNB continues to hold 30.8% of its total gold reserves within the Netherlands itself. At the end of 2025, the nation's total gold stock stood at 612.4 tonnes, valued at 72.2 billion euros.

The Broader Economic Context

The bank's reference to geopolitical unrest coincides with specific economic pressures. The United States economy faces uncertainty due to its ongoing war with Iran, which has impacted global trade. Meanwhile, Canada has been hit by US tariffs on key sectors including steel, aluminium, lumber, and automobiles.

In August, the US announced an additional 50% levy on approximately 28 billion Canadian dollars worth of Canadian goods. The DNB's statement did not confirm if these specific disputes directly prompted the gold move, but it framed the relocation within this climate of international friction.

The precise method for physically transporting such a large volume of gold across the Atlantic Ocean has not been disclosed by the authorities.