The Netherlands Transfers Gold Reserves from North America to London Amid Geopolitical Concerns
Between March and August 2026, the Dutch central bank (DNB) moved approximately 86 metric tonnes of gold out of its vaults in New York and Ottawa. The transfer was part of a broader strategy aimed at improving crisis readiness amid rising geopolitical tensions. DNB explained that enhancing the marketability of its gold reserves—ensuring quicker access during emergencies—is key to this move, though it emphasized no immediate need for such action is anticipated. The bulk of the 86 metric tonnes were not physically transported; instead, most was transferred via book entries by selling New York-held bullion and purchasing equivalent amounts in London. Only about 27 metric tonnes moved physically through DNB’s secure facility in Zeist before being sent to London. As a result, London now holds 32% of the Netherlands’ gold reserves—its largest single vault—and surpasses both New York and Ottawa as primary storage locations. Gold prices have risen significantly since late 2024, reaching nearly $4,383 per ounce in September 2026. This shift aligns with a broader trend of central banks reducing exposure to dollar-denominated assets.
Topics: crisis preparedness Dutch central bank geopolitical risk gold reserves