Central Banks Shift Gold Reserves from North America to London Amid Uncertainty

European central banks are shifting their gold reserves from North America to London in response to growing geopolitical and economic uncertainties. The Dutch central bank, for example, moved about 86 tonnes of gold from the US and Canada to the Bank of England between March and August 2026.

This decision aims to ensure that the gold is more readily available in times of crisis, rather than an immediate need. The governor of the Dutch central bank emphasized the importance of resilience and preparedness, stating 'We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.'

London's status as a major global trading center makes it an attractive location for gold storage, with the Bank of England holding around 400,000 bars valued over £200 billion.