Dutch Central Bank Shifts Gold Reserves Away from North America Amid Geopolitical Unrest

The Dutch central bank has quietly shifted its gold reserves away from North America and into London, citing growing geopolitical unrest.

This move follows an escalating US-Canada tariff dispute and concerns over reliance on US custody since Donald Trump returned to the White House.

Between March and August, De Nederlandsche Bank (DNB) moved 86 tonnes of gold from its holdings in New York and Canada to London, with a further 27 tonnes physically transported from the US and Canada to DNB's own vault in Zeist before being transferred on to London.

This reshuffle leaves New York's share of Dutch reserves at 18.5%, down from 31.3%, and Canada's also at 18.5%, down from 19.7%. London now holds the largest single share of Dutch gold at 32.1%, up from 18.1% before the move.

DNB President Olaf Sleijpen framed the move as part of broader crisis readiness work, stating that gold held in London is more readily deployable in a crisis than reserves held in the US or Canada due to its status as the world's most easily tradable gold.