Amid rising global geopolitical uncertainty, De Nederlandsche Bank (DNB) has transferred 86 tonnes of gold reserves from the United States and Canada to London. The move is driven by London’s higher gold‑market liquidity, which allows faster access to bullion under crisis conditions. Following this reallocation, the share of Dutch gold held in London rose from 18.1% to 32.1%, while holdings in New York and Ottawa each dropped to 18.5%.
DNB stated the gold‑reserve reshuffle is mainly intended to cope with “growing geopolitical turbulence”, improving the availability, liquidity and crisis‑response capacity of its gold holdings.
86 Tonnes Shifted from US and Canada to London
DNB pointed out gold held in London can be traded more readily compared with bullion stored in New York and Ottawa, enabling swifter deployment during crises.
Olaf Sleijpen, Executive Director of DNB, commented: “With this adjustment, we have improved the availability of our gold reserves. We do not expect to ever need to use this gold, yet it is necessary to strengthen our resilience and preparedness.”
By the end of 2025, DNB’s total gold reserves stood at 612.4 tonnes, valued at roughly 72.2 billion euros, equivalent to about 83.7 billion US dollars.
Prior to the reallocation, 31.3% of Dutch gold was kept in New York, 19.7% in Ottawa, 18.1% in London and 30.8% in domestic Dutch vaults.
Upon completion of the operation, New York and Ottawa each hold 18.5% of Dutch gold reserves. London’s share jumped substantially from 18.1% to 32.1%, while domestic Dutch holdings remained at 30.8%.
Gold “Relocation” Took Half a Year
DNB disclosed the reallocation ran from March to August this year. It was not a simple direct physical shipment of all gold from North America to Britain, but a combination of gold‑sale‑and‑purchase transactions and physical transportation.
More than 27 tonnes of physical gold were shipped from the US and Canada to DNB’s vaults in Zeist, the Netherlands, and an equal quantity was then forwarded from Zeist to London, avoiding the need for gold‑bar remelting.
The central bank completed the rest of the reserve adjustment by selling gold in selected markets and repurchASIng equivalent bullion in London.
DNB explained combining trading operations with physical shipment helps to spread risks associated with large‑scale gold transport.
London’s Liquidity Edge Stands Out
Laurent Schwartz, President of Paris‑based National Gold Counter, said central banks have been re‑evaluating gold‑storage locations over the past decade. Current US political conditions may also prompt some central banks to consider alternative gold‑storage hubs.
He noted London hosts one of the world’s deepest, most‑liquid gold markets, granting quick access to gold amid crises and offering central banks greater flexibility to lend bullion to other banking institutions.
John Plassard, Analyst at Cite Gestion Private Bank, holds that DNB’s adjustment aims primarily to ensure faster access and utilisation of gold should a crisis break out.
In his view this remains a relatively isolated reserve‑management move for now. Yet similar actions adopted by other central banks in future could weigh on market confidence in the United States.
Germany Has Not Followed Suit
Earlier this year, domestic debate emerged in Germany regarding the safety of its central‑bank gold stored in New York.
Nevertheless, the Bundesbank has made no decision to withdraw gold from New York. In January this year, the German central‑bank stated the Federal Reserve Bank of New York “remains an important storage location for German gold, now and in the future”.
For DNB, this exercise does not cut total gold reserves but reconfigures storage geography. As geopolitical risks mount, gold’s strategic role as a crisis‑reserve asset and “anchor of trust” is regaining central‑bank attention. London’s market liquidity and tradability served as key considerations behind the 86‑tonne gold transfer.