The Dutch central bank has relocated gold reserves worth more than €10 billion from New York and Ottawa to London, saying it needs to be prepared for potential geopolitical crises.
The Dutch central bank (DNB) has transferred 86 tonnes of gold, previously held mainly in New York and, to a lesser extent, Ottawa, to London.
The monetary authority said the decision was driven by growing political instability and the need to strengthen its ability to respond quickly in the event of a crisis.
The 86 tonnes represent around 14% of the Netherlands’ gold reserves. According to the DNB, gold stored in London meets higher quality standards and can be liquidated more easily if the central bank needs to raise funds quickly.
“We expect never to have to sell gold bars, but we have to be prepared to do so,” the DNB said.
How the gold was moved
The gold transferred to London is worth approximately €10 billion.
Most of the relocation was carried out through financial transactions rather than physical transportation. The DNB sold 59 tonnes of gold held in the United States and Canada on the North American market and purchased the same amount on the London market.
Another 27 tonnes were physically transported to Zeist, where the Dutch central bank’s vaults are located. An equivalent quantity of gold bars meeting international standards was then moved from Zeist to London.
The physical shipment, worth more than €3 billion, was kept secret until it had been completed. The cost of insuring the transfer has not been disclosed.
Why London?
The operation significantly changed the geographical distribution of the Netherlands’ gold reserves.
At the end of 2025, the DNB held 614 tonnes of gold worth approximately €72 billion. Around one-third remains stored in Zeist, while another third is now held in London.
The share stored in New York has fallen from 31.3% to 18.5%.
The DNB said the reduction reflects the greater liquidity of gold held in London. The move also comes at a time when relations between Europe and the United States have become increasingly strained.
“A more balanced distribution of reserves between North America, the United Kingdom and the Netherlands helps diversify risks and makes the reserves more readily available in the event of a crisis,” the DNB said.
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