Dutch Central Bank moves 86 tonnes of gold to UK from US and Canada, citing geopolitical unrest

The Dutch Central Bank, or DNB, has relocated 86 tonnes of gold reserves from the United States and Canada to London, citing rising geopolitical tensions. The bank explained that gold reserves in London could be traded more readily than those held in New York and Ottawa, enhancing their accessibility in crisis situations. DNB President Olaf Sleijpen stated that this move improved the deployability of the gold reserves, indicating a proactive approach to strengthening the bank's resilience and preparedness.

As of 2025, the Dutch gold stock stood at 612.4 tonnes, valued at €72.2 billion ($83.7 billion). Prior to the transfer, 31.3% of the Dutch gold reserves were held in New York, and 19.7% were in Ottawa. Post-move, these figures decreased to 18.5% each, with London's share rising to 32.1%. The Netherlands retained 30.8% of its gold reserves domestically.

The physical transfer involved moving over 27 tonnes from the US and Canada to Zeist, followed by an equal quantity from Zeist to London, avoiding the melting of gold bars. Laurent Schwartz, president of the National Gold Counter in Paris, noted that central banks have been adjusting their gold reserves for about a decade, with geopolitical factors influencing these decisions.

Schwartz highlighted London's deeper and more liquid market, facilitating quicker crisis deployment. Analyst John Plassard emphasized the move's aim for immediate availability in crisis scenarios, though he cautioned that similar actions by other central banks could undermine confidence in the US. Notably, Germany's Bundesbank decided against relocating its reserves from New York.