Dutch Central Bank Shifts Gold Reserves from US and Canada to London

The Dutch central bank, De Nederlandsche Bank (DNB), has moved 86 tonnes of its gold reserves from the United States and Canada to London. The transfer was made in response to 'increasing geopolitical unrest', with DNB citing concerns about access and tradeability.

Gold held in London is easier to deploy in a crisis situation, according to DNB president Olaf Sleijpen. He stated that deploying gold from London would be the quickest option, assuming they never need to deploy the gold but want to strengthen their resilience and preparedness.

The Netherlands' total gold holdings amount to 612.4 tonnes, valued at €72.2 billion ($83.7 billion) as of the end of 2025. Before the shift, the central bank held 31.3% of its gold in New York and 19.7% in Ottawa. After the move, each country accounted for 18.5% of the Netherlands' gold reserve.

Laurent Schwartz, president of the Paris-based National Gold Counter, attributed the trend of central banks moving their reserves to a decade-long shift and current political context. He noted that London is the deepest and most liquid market, making it easier for central banks to lend their gold to other banking institutions.