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London's role in gold reserves increased

The Dutch gold reserve was redistributed so the central bank could act more quickly in times of crisis. The De Nederlandsche Bank (DNB) said it moved 86 tons of gold from the United States and Canada to London in an operation carried out between March and August.

The bank said rising geopolitical unease was behind the decision. DNB President Olaf Sleijpen said the move was necessary to strengthen resilience and preparedness. According to the bank, gold held at the Bank of England is considered one of the world's most easily tradable reserves during periods of crisis.

Operation completed through physical transfer and buy-sell transactions

The transfer was not completed through physical transport alone. DNB said 27 tons of gold were brought from New York and Ottawa to Zeist in the Netherlands, then sent on to London in bars of the same quantity and quality without needing to be melted down.

The remaining part was completed through sales in New York and re-purchases in London. The bank said this spread the risks tied to such a complex gold relocation process. It did not explain exactly how the transatlantic shipment of gold was carried out.

  • Operation period: March-August
  • Total amount moved: 86 tons
  • New storage center: Bank of England

Reserve mix changed, total stock stayed the same

Before the transfer, 31.3% of the Netherlands' gold reserves were held in New York and 19.7% in Ottawa. In the latest breakdown, both shares fell to 18.5%. London's share rose from 18.1% to 32.1%, while the share kept in the Netherlands remained at 30.8%.

According to DNB data, the country's total gold stock stood at 612.4 tons by the end of 2025, worth €72.2 billion. The decision came at a time when trade tensions between the United States and Canada and mutual tariffs were on the agenda. Although the bank did not elaborate on the phrase geopolitical tensions, it appears to have prioritized keeping reserves in a more liquid center for crisis management.

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