Dutch Central Bank Shifts Gold Reserves to London

The Dutch central bank has moved approximately 86 tonnes of gold from New York and Ottawa to London, aiming to improve its crisis preparedness. The total amount of gold reserves remains unchanged at 612.4 tonnes, but their location and tradability have changed.

London is the world's largest over-the-counter market for physical gold, with the Bank of England holding around 400,000 bars or roughly 5,000 tonnes in its vaults. The gold stored there can change ownership without leaving the vault, provided both parties hold accounts at the bank.

The move comes after several years of strong central bank gold buying, with over 1,000 tonnes added annually between 2022 and 2024. Demand is unlikely to disappear, as 89% of reserve managers expect global central bank gold holdings to increase in the next 12 months.