The Dutch central bank has reallocated about 86 tonnes of gold held in the United States and Canada to London, putting the Netherlands’ gold reserves in focus as global tensions rise and officials seek easier access to the bullion during a crisis.
De Nederlandsche Bank, or DNB, carried out the operation between March and August 2026. The bank said gold stored in London can be traded more quickly, giving it greater flexibility if severe financial or geopolitical disruptions occur.
The decision comes as gold has strengthened its position as a safe-haven asset amid geopolitical turmoil. Central bank purchases have also helped support demand for the precious metal.
DNB President Olaf Sleijpen said the bank does not expect to need to deploy the reserves. However, he said preparing for that possibility remains important. The Netherlands held 612.4 tonnes of gold valued at 72.2 billion euros, or about $83.7 billion, at the end of 2025.
London takes larger share of Dutch gold
Countries around the world continue to maintain large quantities of bullion as part of their national gold reserves, with the precious metal remaining an important store of value during periods of economic uncertainty.
Before the operation, DNB stored 31.3% of its gold in New York and 19.7% in Ottawa. Those shares have now fallen to 18.5% each.
London’s share increased from 18.1% to 32.1%, making it the largest foreign storage location for Dutch gold. Another 30.8% remains in the Netherlands. The overall amount of gold owned by DNB did not change.
🇳🇱 NEW: The Dutch central bank moved 86 metric tons of gold to London from North America, citing crisis preparedness amid global political unrest. pic.twitter.com/r1tPJdZSRd
— Cointelegraph (@Cointelegraph) September 2, 2026
The bank carried out the reallocation through market transactions and physical transfers. It sold about 59 tonnes in New York and purchased an equivalent amount of internationally tradable gold in London.
More than 27 tonnes were physically moved from the United States and Canada to Zeist in the Netherlands. A similar amount was then transferred from Zeist to London. DNB said the approach reduced transport risks and avoided the need to remelt older bars to meet London trading standards.
Experts point to London’s deep gold market
Laurent Schwartz, president of the Paris-based National Gold Counter, said central banks have been adjusting where they store gold for about a decade.
He said the current U.S. political climate could encourage some central banks to favor other locations. London offers particular advantages because its deep and liquid market allows central banks to trade or lend gold more easily during a crisis.
Interest in physical gold has also remained strong among private investors. In Greece, households are estimated to hold billions of dollars worth of gold sovereigns, reflecting the metal’s longstanding appeal during periods of financial uncertainty.
John Plassard, an analyst at Cite Gestion Private Bank, described the Dutch decision as relatively isolated. However, he said confidence in the United States could be affected if other central banks followed.
Germany has taken a different approach. Despite concerns this year about German gold stored in New York, the Bundesbank has not announced plans to withdraw it.
The German central bank said in January that the Federal Reserve Bank of New York “is and remains an important storage site for our gold.”
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