The Netherlands has transferred 86 tonnes of its gold reserves from the United States and Canada to London, citing "increasing geopolitical unrest" and concerns that the gold is "no longer safe" in the U.S. under President Donald Trump. The Dutch central bank (DNB) stated the move aims to "spread risks" and ensure a "quickest" opportunity to deploy the gold sale in a crisis situation.
According to the DNB, holding gold reserves in London offers greater ease of trade compared to New York and Ottawa. This relocation also contributes to a "more balanced distribution" of the nation's gold holdings and enhances the bank's "crisis preparedness." DNB President Olaf Sleijpen emphasized the importance of strengthening resilience, stating, "We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness."
The unpredictability of President Trump has been a recurring point of concern. Johan de Ruiter, director of Goudwisselkantoor, a Dutch auction house, previously warned that Trump could potentially "refuse to extradite [the gold reserves], impose additional tariffs, or delay the repayment for decades." De Ruiter had advised in January that the gold should be removed from the U.S. "as soon as possible," adding, "It is simply no longer safe there."
At the end of 2025, the total Dutch gold stock was valued at 72.2 billion euros, amounting to 612.4 tonnes. Prior to this transfer, 31.3% of the Dutch gold was held in New York and 19.7% in Ottawa. Following the relocation, these North American locations now hold 18.5% of the Dutch gold reserve.
The share of gold held in London has increased from 18.1% to 32.1%, making it the primary location for Dutch gold reserves. An additional 30.8% of the gold remains in the Netherlands. The transfer process involved a combination of buying and selling gold, as well as physical transportation. More than 27 tonnes of physical gold were moved from the United States and Canada to Zeist, in the Netherlands, with an equal amount subsequently moved from Zeist to London. This strategy helped to mitigate the risks associated with transporting large quantities of physical gold.
