Netherlands Relocates Billions in Gold to London Amid Rising Geopolitical Tensions

The Dutch central bank has moved billions of dollars' worth of gold from North America to London as part of an effort to strengthen its preparedness for a potential crisis, citing what it described as "increasing geopolitical unrest".

De Nederlandsche Bank (DNB) confirmed on Wednesday that 86 tonnes of gold had been removed from storage in the United States and Canada during a complicated operation that took several months. The gold has now been placed with the Bank of England, where DNB says it can be traded more easily "in a crisis situation".

DNB president Olaf Sleijpen said the relocation was "necessary to strengthen our resilience and preparedness".

The decision comes against the backdrop of continuing trade tensions between the United States and Canada. The two countries have recently announced new tariffs against one another following unsuccessful trade negotiations.

According to DNB, the operation was carried out between March and August. During the process, 27 tonnes of gold bars were physically transported from New York and Ottawa to the Dutch city of Zeist.

A comparable amount of gold of the same quality was subsequently transferred to London. Because the bars were equivalent in quantity and quality, there was no requirement to melt them down before completing the relocation.

DNB has not disclosed precisely how such a large quantity of gold was transported across the Atlantic.

The remainder of the operation involved selling gold stored in New York and purchasing an equivalent amount in London, rather than physically transporting all of the metal. The central bank said the approach helped manage the logistical and operational risks involved.

"Combining the processes of buying and selling and physical transport has allowed DNB to spread the risks associated with such a complex physical gold relocation," the bank said.

DNB did not specify exactly what circumstances it had in mind when referring to "geopolitical unrest". However, the US economy remains under pressure amid uncertainty surrounding the country's ongoing war with Iran, which has also had consequences for international trade.

Canada, meanwhile, has faced significant economic pressure from US tariffs targeting major sectors including steel, aluminium, lumber and automobiles. In August, Washington also announced an additional 50% tariff on approximately C$28 billion ($20 billion; £15 billion) worth of Canadian goods.

DNB said gold stored at the Bank of England "is regarded as the world's most easily tradable gold". As a result, the central bank considers bullion held in London to be more readily accessible during a crisis than gold kept in the United States or Canada.

Before the latest relocation, 31.3% of DNB's gold reserves were held in New York, while another 19.7% were stored in Ottawa. Following the transfer, those proportions have fallen to 18.5% in each location.

The Netherlands' total gold holdings stood at 612.4 tonnes at the end of 2025. DNB valued the country's gold reserves at €72.2 billion.

The relocation has also substantially increased the proportion of Dutch gold held in London. The share stored there has risen from 18.1% to 32.1%.

DNB continues to hold 30.8% of its gold reserves within the Netherlands.

The move therefore represents a significant reshuffling of where the Netherlands keeps its bullion, with a larger share now positioned in London in order to improve its ability to access and trade the reserves should conditions deteriorate during a major financial or geopolitical crisis. 

By fLEXI tEAM