Dutch Central Bank Transfers 86 Tonnes of Gold to London Amid Geopolitical Tensions

The Dutch central bank, De Nederlandsche Bank (DNB), has transferred 86 tonnes of gold from North America to London. This move is a response to rising geopolitical tensions and aims to make its reserves more readily available in case of a crisis.

The operation was carried out between March and August 2026, significantly changing the geographical distribution of DNB's gold reserves. Before the transfer, 31.3% of its gold was held in New York, compared to 19.7% in Ottawa and 18.1% in London.

The new distribution sees London holding 32.1% of DNB's gold reserves, followed by the Netherlands with 30.8%. The share of gold stored in North America has decreased from 51% to 37%, while the share in London has increased from 18.1% to 32.1%.

DNB chose a complex logistical approach, combining physical transfers with buying and selling operations to minimize risks associated with moving large quantities of gold. The central bank's president, Olaf Sleijpen, stated that the move is necessary to strengthen resilience and preparedness.