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

The Dutch central bank (De Nederlandsche Bank) has transferred 86 tonnes of gold from North America to London in response to rising geopolitical tensions. The operation, which took place between March and August 2026, aimed to make the country's gold reserves more readily available in case of a crisis.

The transfer significantly changed the geographical distribution of the Dutch central bank's 612.4 tonnes of gold. Before the operation, 31.3% was held in New York, 19.7% in Ottawa, and 18.1% in London. The new distribution sees 32.1% in London, 30.8% in the Netherlands, 18.5% in New York, and 18.5% in Ottawa.

The Dutch central bank combined physical transfers with buying and selling operations to limit risks associated with moving such a large quantity of gold. For example, over 27 tonnes of physical gold were first transported from New York and Ottawa to Zeist in the Netherlands, then an equivalent quantity was transferred from Zeist to London.

The Dutch central bank's decision is not unique, as other European countries are also reassessing where their reserves should be held. France recently repatriated 129 tonnes of gold from New York, while Germany has already repatriated a significant portion of its gold held abroad during the previous decade.