Amid growing global political tension and market uncertainty, the Netherlands has shifted tens of billions of dollars in gold reserves closer to home. Between March and August 2026, the Dutch central bank, De Nederlandsche Bank (DNB), moved 86 tonnes of gold out of the United States and Canada, transferring the strategic assets to London.
The decision was driven by "increasing geopolitical unrest," according to an official statement from the central bank. DNB President Olaf Sleijpen emphasized that while the bank assumes it will never actually need to deploy the gold, relocating the reserves strengthens national resilience and financial preparedness in an unpredictable world.
By choosing London, the central bank is tapping into the world's deepest and most liquid gold market. Gold stored in London can be traded or lent to other banking institutions far more easily and rapidly than reserves stored across the Atlantic in New York or Ottawa. "This makes it the quickest for DNB to deploy in a crisis situation," the bank stated.
The operation significantly shifted the global distribution of the nation's 612.4-tonne gold reserve, which was valued at €72.2 billion ($83.7 billion) at the end of 2025. Before the transfer, the US held 31.3% of the Dutch gold and Canada held 19.7%. Following the move, each country's share was reduced to 18.5%. Meanwhile, London's share increased from 18.1% to 32.1%. The Netherlands continues to keep 30.8% of its total reserves within its own borders at Zeist.
To manage transport risks and avoid the need to melt down and recast gold bars, the bank combined physical shipments with financial market trades. It physically transported more than 27 tonnes of gold from North America to Zeist while shifting an equivalent amount from Zeist to London.
Financial analysts view the Dutch move as part of a wider decade-long trend of central banks re-examining where their assets are held. Changing political dynamics in the US and shifting geopolitical alliances have led several institutions to reassess traditional storage locations. While analysts describe the Dutch move as a targeted measure, some warn that widespread adoption of similar strategies could weaken confidence in US financial hubs. However, not all European nations are following suit; Germany's Bundesbank reaffirmed earlier this year that New York remains a key storage site for its gold reserves.