Dutch Central Bank Shifts Gold Reserves to London for Quicker Access

The Dutch central bank has moved around 86 tonnes of gold from North America to London. This is not an increase in its reserves, but rather a change in how those reserves are managed.

According to ING Bank's commodities strategist Ewa Manthey, the goal is to improve crisis preparedness by having more gold closer to the world's most liquid market.

The Netherlands' total gold reserves remain unchanged at 612.4 tonnes, but their location has shifted. London now holds 32.1% of its gold, up from 18.1%, while New York and Ottawa each hold 18.5%, down from previous levels.

This move comes as central banks continue to buy gold in large quantities. Between 2022 and 2024, they added over 1,000 tonnes per year, slowing slightly to around 863 tonnes in 2025 but remaining at a historically high level.

A recent World Gold Council survey found that nearly 90% of reserve managers expect global central bank gold holdings to increase over the next 12 months, and a record 45% plan to buy more themselves.