Netherlands moves 86 tonnes of gold from US, Canada to UK amid geopolitical tensions

The Netherlands has moved 86 tonnes of its gold reserves from the United States and Canada to London in the United Kingdom amid growing geopolitical tensions and as part of efforts to strengthen its preparedness for potential crises.

The Dutch central bank, De Nederlandsche Bank (DNB), said the transfer was carried out between March and August 2026 to make the country's gold reserves more easily tradable and readily available in a crisis, reports News18.

DNB President Olaf Sleijpen said the relocation had improved the tradability of the country's gold reserves, while stressing that the bank hoped it would never need to use them in a crisis.

The Netherlands holds a total of 612.4 tonnes of gold, valued at around €72.2 billion ($83.8 billion) at the end of 2025.

Before the relocation, 31.3% of the Dutch gold reserves were held in New York and 19.7% in Ottawa. Following the move, the share held in each location fell to 18.5%, while London's share rose from 18.1% to 32.1%. About 30.8% remains in the Netherlands.

The transfer was partly carried out by physically moving gold and partly by selling gold held in North America and purchasing an equivalent amount in London. More than 27 tonnes of physical gold were moved from the US and Canada to the Netherlands, while a similar amount was subsequently transferred from the Netherlands to London.

DNB said London was chosen because it is the world's largest centre for physical gold trading and gold stored there can be traded and deployed more quickly in an emergency.

The Dutch move comes as European countries reassess how and where they hold their gold reserves amid geopolitical and financial uncertainty.

In France, the Banque de France said in March that it had sold 129 tonnes of gold held in New York and bought gold in Europe. However, the French central bank said the move was part of a long-running effort to bring its gold holdings up to international trading standards, rather than a response to concerns over the United States.

The operation was carried out between July 2025 and January 2026.

Germany, meanwhile, still holds 1,236 tonnes of gold in New York. Some German politicians and economists have called for the reserves to be brought home amid concerns over the country's relations with the US, but the Bundesbank has maintained that the gold is secure and sees no reason to repatriate it.

The Dutch move has renewed debate over whether central banks are reassessing the locations of their gold reserves. However, DNB has not said that its decision was driven by concerns over the security of its gold in the US.

Instead, DNB has emphasised risk diversification, crisis preparedness and the greater liquidity and tradability of gold held in London.