Netherlands Shifts Gold From US to London Amid Geopolitical Unrest

The Netherlands' central bank, DNB, has relocated 86 tonnes of gold from the US to London, citing increasing geopolitical unrest as a reason for the move.

According to Olaf Sleijpen, president of DNB, the change in location is aimed at improving the country's readiness and reducing risks associated with concentration of reserves in fewer places. He stated that they assume they will never need to deploy the gold but it is necessary to strengthen their resilience and preparedness.

The move was partly carried out through buying and selling, while 27 tonnes of physical gold were moved from the US and Canada to Zeist, then on to London, avoiding the need to melt down gold bars. This strategy helped spread the risks associated with physically moving a large quantity of gold.

The Netherlands' total gold stock stood at 612.4 tonnes at the end of 2025 and was valued at €72.2 billion. Before the move, 31.3% of the country's gold was held in New York and 19.7% in Ottawa. London now holds the largest share of Dutch gold reserves, with 32.1%.