Dutch Central Bank Moves Gold Reserves Amid Rising Geopolitical Tensions

The Dutch central bank, De Nederlandsche Bank (DNB), has been rearranging its gold reserves among four countries for months. The operation involved moving 86 tonnes of gold out of North America and into London and Zeist, a domestic vault in the Netherlands.

According to DNB's explanation, the move was necessary due to rising geopolitical tensions and the need to prepare for a severe crisis. The bank's goal is to make its gold reserves more readily accessible in times of turmoil.

The relocation process involved selling 59 tonnes of gold in New York and buying an equivalent amount in London. Additionally, over 27 tonnes of gold was physically moved from the US and Canada to Zeist, while a similar quantity was shipped from Zeist to London.

The Dutch central bank holds 612.4 tonnes of gold, worth approximately €72.2 billion at the end of 2025. Before the operation, 31.3% of its reserves were stored in New York, 19.7% in Ottawa, 18.1% in London, and 30.8% at home in Zeist.

London has now become the largest single storage location for Dutch gold, with 32.1%, while New York and Ottawa have each fallen to 18.5%. The Bank of England requires its stored gold to meet modern trading standards, which includes a purity level and specific markings.