Dutch Central Bank Relocates Gold Reserves from North America to London and Netherlands
The Dutch central bank moved 86 metric tons of gold from the U.S. and Canada between March and August as part of a 'crisis preparedness' strategy amid global political unrest.
What happened
The Dutch central bank (DNB) announced it transferred approximately 86 metric tons of gold from its reserves held in New York and Ottawa to London and the Netherlands between March and August 2025. The bank physically transferred over 27 metric tons from North America to a heavily guarded vault on a military base near Zeist, Netherlands, then transferred a similar quantity from Zeist to London. The rest of the relocation was achieved by selling around 59 metric tons of gold in New York and using the proceeds to buy gold in London. This reduced New York and Ottawa holdings from their combined 51% to 37% of the bank's total reserves, with London now holding a larger share. The DNB's total gold reserves are valued at 72.2 billion euros (approximately $83.6 billion) as of end-2025.
Context
The DNB framed the move as improving the crisis resilience and tradability of its gold reserves. The bank stated that gold held at the Bank of England meets modern international trade standards and is 'the world's most easily tradable gold' and is therefore most readily available in a crisis situation, whereas gold in New York and Ottawa 'cannot be utilized as quickly and directly' during emergencies. The timing reflects stated concerns about global political unrest and the need to strengthen preparedness, though the bank emphasized it expects never to need to use the reserves. The reallocation represents a strategic shift in how the DNB positions its physical gold assets in response to perceived risks.