European Central Banks Rethink Gold Storage Amid Geopolitical Uncertainty

Central banks in Europe are reassessing where they store their gold reserves due to rising geopolitical uncertainty. The Netherlands' central bank, De Nederlandsche Bank (DNB), has relocated approximately 86 metric tons of gold from New York and Ottawa to London between March and August.

This move aims to improve the country's crisis preparedness and tradability of its gold reserves, according to DNB Governor Olaf Sleijpen. The Netherlands now holds 32.1% of its gold reserves in London, up from 18.1%, while New York's share fell from 31.3% to 18.5%.

DNB sold around 59 tons of gold in New York and bought replacement bullion in London, with more than 27 tons physically moved from the US and Canada to the Netherlands. This shift is part of a broader trend, as central banks worldwide are diversifying their overseas storage locations in response to growing concerns over accessibility and security.

France has also reshuffled its gold holdings by selling remaining reserves held in New York between July 2025 and January 2026 and buying replacement gold in Europe. Germany and Italy have faced pressure to reconsider storing gold in New York, although neither central bank has announced plans to repatriate it.