Central Banks Shift Gold Reserves Amid Geopolitical Risks

European central banks are reevaluating their gold storage strategies due to rising geopolitical tensions. The Netherlands has led the way, moving 86 tonnes of gold from its holdings in North America to London between March and August 2026.

The Dutch central bank, De Nederlandsche Bank, stated that the transfer aimed to improve crisis preparedness and facilitate the tradability of their reserves during a potential crisis. The relocated gold is now stored at the Bank of England, allowing for quicker deployment in times of need.

This move has changed the distribution of the Netherlands' 612.4-tonne gold stock, with London's share increasing from 18.1% to 32.1%, while New York and Ottawa's portions fell to 18.5%. The relocation was driven by a desire to spread storage risks more evenly across locations in response to increasing geopolitical unrest.

France has also reduced its gold holdings in New York, converting 129 tonnes of gold into modern, internationally compliant bars between July 2025 and January 2026. These upgraded holdings are now stored in Paris.