Dutch shift 86 tonnes of gold from US, Canada to UK

On Wednesday, the Dutch central bank (DNB) announced it had relocated 86 tonnes of its gold reserves from the United States and Canada to London due to growing geopolitical tensions. The bank explained that gold stored in London could be more readily traded in crisis situations, making it quicker to deploy during emergencies.

According to the DNB, the Dutch gold stock totaled 612.4 tonnes, valued at €72.2 billion as of the end of 2025. Prior to the move, the bank held 31.3% of its gold in New York and 19.7% in Ottawa. Following the transfer, these countries now account for 18.5% of the Dutch gold reserve, while London's share rose from 18.1% to 32.1%.

The DNB executed the transfer partly through buying and selling, and partly by physically moving gold bars. Over 27 tonnes of physical gold were transferred from the US and Canada to the DNB's vaults in Zeist, with an equal quantity then moved from Zeist to London. This approach avoided the need to melt down gold bars during the relocation process.

The bank's spokesperson noted that combining both physical transport and financial transactions helped spread the risks associated with moving a large quantity of gold. DNB president Olaf Sleijpen emphasized that while the bank assumes it will never need to deploy the gold, strengthening resilience and preparedness is crucial.