Dutch Central Bank Moves Gold Reserves to London Amid Geopolitical Tensions

The Dutch Central Bank (DNB) has transferred 86 tonnes of its gold reserves from the US and Canada to London, citing increasing geopolitical unrest as the reason. The move aims to improve the deployability of the gold reserves in times of crisis.

According to DNB's president, Olaf Sleijpen, this step will strengthen the bank's resilience and preparedness. The gold reserves held in London can be traded more easily than those held in New York and Ottawa, making it quicker for DNB to deploy them in a crisis situation.

The total Dutch gold stock amounts to 612.4 tonnes, valued at €72.2 billion ($83.7 billion) as of the end of 2025. The bank held 31.3% of its gold in New York and 19.7% in Ottawa before the move. After the transfer, each country now accounts for 18.5% of the Dutch gold reserve.

The operation took place between March and August this year, with a total of over 27 tonnes of physical gold moved from the US and Canada to Zeist, then to London. Laurent Schwartz, president of the National Gold Counter, believes that central banks have been moving their reserves around for about a decade due to changing political contexts.