The Dutch central bank (DNB) has moved billions of dollars worth of gold reserves from the United States and Canada to London, a move described as a measure for "crisis preparedness" amid rising geopolitical tensions. The relocation, which occurred between March and August, involved 86 tonnes of gold.
DNB President Olaf Sleijpen stated that the transfer was essential for strengthening the bank's resilience. The operation saw 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands, with a similar quantity then transferred to London. The bank stated that gold held by the Bank of England is considered the most easily tradable in the world, offering greater accessibility during a crisis.
The specific methods used for transporting the gold across the Atlantic were not disclosed. However, the DNB indicated that part of the operation involved selling gold in New York and repurchasing it in London. This strategy, combined with physical transport, was designed to mitigate risks associated with such a complex relocation.
While the DNB did not explicitly detail the reasons for its concern about "geopolitical unrest," the announcement comes at a time of significant global instability. The U.S. economy faces uncertainties, partly due to its ongoing conflict with Iran, which has affected international trade. Canada has been impacted by U.S. tariffs on key industries such as steel, aluminum, lumber, and automobiles, with additional levies imposed in August.
Prior to this operation, the DNB held 31.3% of its gold reserves in New York and 19.7% in Ottawa. Following the relocation, these holdings have decreased to 18.5% in each country. The bank's share of gold held in London has increased from 18.1% to 32.1%. The total Dutch gold stock at the end of 2025 was 612.4 tonnes, valued at €72.2 billion. The bank now holds 30.8% of its reserves within the Netherlands.