Central Banks Move Gold Reserves to London Amid Shift in Storage Strategies

De Nederlandsche Bank (DNB) recently moved approximately 86t of gold from New York and Ottawa to London. The transfer, which took place between March and August 2026, made London the largest single storage location for Dutch gold reserves, surpassing domestic holdings.

The operation demonstrates a shift in central banks' approach to storing their gold reserves. London's share of Dutch gold reserves rose from 18.1% to 32.1%, with 57% of respondents citing the Bank of England as their preferred vaulting location and 49% holding at least some gold domestically.