Dutch central bank moves gold out of US and Canada

The Dutch central bank (DNB) has relocated approximately 86 tonnes of gold from the United States and Canada to London, citing the need for faster access to the reserves in a crisis situation. This transfer, which occurred between March and August 2025, represents more than a quarter of the roughly 313 tonnes of gold held by the Netherlands in New York and Ottawa combined.

London is recognized as the primary global market for physical gold, and the bank asserts that gold stored in London can be deployed more swiftly than gold held in the US or Canada. The central bank presented this move as part of its ongoing efforts to enhance "crisis readiness" in light of increasing geopolitical tensions.

Most of the gold was withdrawn from the underground vault in Manhattan. About 59 tonnes were sold in New York and repurchased in London, preventing the melting down of the bars and minimizing the risk of quality loss. An additional 27 tonnes were physically transported from the US and Canada to the DNB's vault in Zeist, followed by the same quantity being moved from Zeist to London.

Consequently, the Netherlands' gold holdings in New York have decreased from 31.3% to 18.5%, and from Canada from 19.7% to 18.5%. London now holds the largest share at 32.1%, up from 18.1%, while 30.8% remains in the Netherlands.

DNB President Olaf Sleijpen stated, "We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness." The bank has repeatedly expressed concerns about the Netherlands' dependency on the US, particularly since the return of Donald Trump to the White House. However, DNB has not indicated any apprehension that the US would seize the reserves. As of the end of 2025, the Netherlands held a total of 612.4 tonnes of gold, valued at €72.2 billion.