The Netherlands Central Bank (DNB) has transferred 86 tonnes of its gold reserves from the United States and Canada to London, according to De Nederlandsche Bank and The Guardian. This move, which took place between March and August of this year, aims to enhance the deployability and liquidity of the Dutch gold reserves amid ongoing geopolitical unrest.

Reshuffling Gold Holdings

DNB held 31.3% of its gold in New York and 19.7% in Ottawa before the transfer; Following the move, the Netherlands now holds 30.8% of its gold domestically, while London’s share increased from 18.1% to 32.1%. The U.S. and Canada each now hold 18.5% of the Dutch gold reserves, according to The Guardian.

“With this step, we have improved the deployability of the gold reserves. We assume that we will never need to deploy the gold, but it is still necessary to strengthen our resilience and preparedness,” DNB Governor Olaf Sleijpen stated, as quoted by both The Guardian and KITCO.

Complex Logistics and Risk Mitigation

The gold transfer was partially carried out through buying and selling gold and partly through physical transportation. More than 27 tonnes of physical gold were moved from the U.S. and Canada to Zeist, while the same amount was transferred from Zeist to London. This strategy helped prevent the melting down of gold bars and spread the risks associated with moving large quantities of gold, according to DNB.

“By combining buying and selling and physical transport, the risks associated with physically moving a large quantity of gold have been spread,” the DNB said in a statement cited by The Guardian.

Geopolitical Motivations and Broader Trends

Laurent Schwartz, president of the Paris-based National Gold Counter, noted that central banks have been redistributing their gold holdings for about a decade; the current political climate in the United States, he said, may be influencing some central banks to favor alternative storage locations.

DNB highlighted that London’s market is the deepest and most liquid, making it easier to deploy gold in times of crisis, as the central bank also emphasized that gold is seen as an anchor of trust and an ideal hedge against extreme systemic risks.

As of the end of 2025, the total Dutch gold stock amounted to 612.4 tonnes and was valued at €72.2 billion ($83.7 billion), according to DNB. The bank described the operation as efficient and cost-conscious, ensuring that it maintained resilience without compromising security or value.