The Dutch Central Bank Just Moved Its Gold out of North America

Between March and August, the Dutch Central Bank, known as DNB, moved 86 tonnes of gold from New York and Ottawa to London. The bank's announcement was largely about logistics, as they cited increasing geopolitical unrest as the reason for their action. DNB's gold reserves were worth €72.2 billion ($83.7 billion) as of 2025, with about 31.3% of it stored in North America.

The bank sold the gold in New York and bought the same amount in London, essentially transferring it without melting it down. DNB President Olaf Sleijpen stated that gold held at the Bank of England meets international trading standards, making it the most tradable metal on earth. This move is seen as a response to the US freezing Russian central bank reserves following the invasion of Ukraine in 2022, prompting central banks to seek more secure and liquid jurisdictions.