Why has the Netherlands moved $10bn of its gold from the US?

The Dutch central bank (DNB) has moved 86 tonnes of gold from North America to London, citing "increasing geopolitical unrest." This transfer, completed between March and August, involved 27 tonnes of gold bars moving from New York and Ottawa to Zeist in the Netherlands, followed by a similar quantity being moved to London. The gold now resides at the Bank of England, where it can be more easily traded in a crisis situation.

DNB president Olaf Sleijpen stated that the move is necessary to strengthen the bank's resilience and preparedness. The transfer was carried out by selling gold in New York and repurchasing it in London, allowing the bank to spread the risks associated with the complex physical gold relocation. The decision comes amid a trade dispute between the US and Canada, with both countries imposing tariffs on each other's goods.

While the exact amount of gold transported has not been disclosed, the portion held by the Bank of England is considered more easily tradable in a crisis than if it remained in the US or Canada. Prior to the announcement, the DNB held 31.3% of its gold in New York and 19.7% in Ottawa, a share now reduced to 18.5% in both countries.

The total Dutch gold stock stands at 612.4 tonnes, valued at €72.2 billion, with 32.1% of the reserves now held in London and 30.8% in the Netherlands.