Dutch central bank moves gold bars out of New York over ‘geopolitical unrest’

The Dutch central bank announced on Wednesday that it has transferred 86 tonnes of its gold reserves from the United States and Canada to London, citing "increasing geopolitical unrest". The bank stated that gold reserves in London can be traded more easily than those in New York and Ottawa, making them quicker to deploy in a crisis situation.

This move was aimed at enhancing the deployability of the gold reserves and increasing the resilience and preparedness of the Dutch central bank. Dutch gold reserves totalled 612.4 tonnes, valued at €72.2 billion (US$83.7 billion) at the end of 2025. Prior to the transfer, the Dutch bank had 31.3% of its gold in New York and 19.7% in Ottawa.

After the move, these countries each held 18.5% of the Dutch gold reserve, while London's share increased from 18.1% to 32.1%. The bank moved 27 tonnes of physical gold from the US and Canada to Zeist, and then another 27 tonnes from Zeist to London, avoiding the melting down of gold bars. Laurent Schwartz, president of the Paris-based National Gold Counter, noted that central banks have been moving their reserves around for about a decade, and the current political climate in the US may influence other central banks to favor alternative storage locations.

The London market, being the deepest and most liquid, allows for easier deployment of gold reserves in times of crisis. John Plassard, an analyst at Cite Gestion Private Bank, emphasized that the Dutch move was intended to provide more immediate availability during a crisis, but cautioned that if other central banks followed suit, it could undermine confidence in the US.