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

The Dutch central bank (DNB) has transferred significant amounts of gold from North America to London, citing heightened geopolitical tensions. On Wednesday, the bank disclosed that 86 tonnes of gold were removed from the United States and Canada over several months. The precious metal is now held by the Bank of England, where it can be traded more easily during a crisis. DNB president Olaf Sleijpen stated that the move was essential to enhance the Netherlands' resilience and preparedness.

This transfer occurred between March and August, with 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands, followed by a similar quantity and quality being moved to London. The gold was either sold in New York and repurchased in London or transported physically. The bank did not disclose the specifics of the gold transportation across the Atlantic Ocean but explained that combining buying and selling processes, along with physical transport, helps spread the risks associated with the complex relocation.

Geopolitical unrest is the reason behind the transfers, though the bank did not specify the exact source of the unrest. The US economy faces uncertainty due to the ongoing war in Iran, which has impacted global trade. Canada has also been adversely affected by US tariffs on its steel, aluminium, lumber, and automobile industries. Additionally, Canada faced a 50% levy on approximately C$28 billion ($20 billion; £15 billion) of Canadian goods in August.

Before the announcement, the DNB held 31.3% of its gold in New York and 19.7% in Ottawa, a distribution that has now decreased to 18.5% in both countries. The bank's gold reserves in New York and Ottawa have fallen, while its share in London has increased from 18.1% to 32.1%. The total Dutch gold stock was 612.4 tonnes as of the end of 2025, valued at €72.2 billion. The bank now holds 30.8% of its reserves in the Netherlands.