Central Banks Repatriate Gold as Market Demands Access and Control

The Dutch central bank (DNB) has moved 86 tonnes of gold worth approximately $10 billion from New York and Ottawa to London between March and August this year. This move follows a similar action by France, which exited the New York Fed with 129 tonnes earlier in 2026.

DNB claims the decision was driven by concerns over tradability and crisis access, not distrust of the US. However, data from COMEX shows a 6.4% increase in registered gold in 30 days, while total stock remains flat.

This trend suggests that more investors are converting passive storage into deliverable gold, echoing DNB's decision to prioritize control and access over passive custody.