The Dutch central bank relocated 86 metric tons of gold out of North America to London between March and August, citing crisis preparedness amid global political unrest. Governor Olaf Sleijpen confirmed the move improves reserve tradability, shifting holdings from New York and Ottawa to the Bank of England.
The Dutch central bank, known by its acronym DNB, announced the major international transfer on Wednesday, moving billions of dollars worth of gold reserves out of North America. The repositioning spans 86 metric tons—equal to roughly 94.8 tons—of precious metal that was previously housed across New York and Ottawa, Canada.
At the end of 2025, the total Dutch gold stock stood at 612.4 metric tons (675 tons), carrying a valuation of €72.2 billion, which translates to approximately $83.6 billion. Before the relocation operation began in March, New York held 31.3% of the country’s gold reserves while Ottawa held 19.7%. Following the months-long transfer, both North American cities now store 18.5% each.
Logistics of the Trans-Atlantic Gold Transfer
Moving dozens of metric tons of bullion across the Atlantic Ocean required a complex combination of physical transport and market transactions. More than 27 metric tons of gold were physically moved from the United States and Canada to the Dutch central bank’s heavily guarded vault, situated on a military base near the central town of Zeist. From there, a similar quantity made its way to London.
The remainder of the massive relocation avoided physical shipping altogether. The bank executed the transition by selling roughly 59 metric tons of gold in New York and using the incoming proceeds to buy equivalent gold reserves in London. Bank officials noted that this dual method of physical transit and market buying successfully spread the inherent risks of moving such a vast amount of wealth.
“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.”
De Nederlandsche Bank
Why London Takes Precedence in Crisis Scenarios
The core motivation behind the shift centers on liquidity and trade standards. Gold held at the Bank of England must meet modern international trade standards and is widely regarded as the most easily tradable gold globally. By contrast, reserves kept in New York and Ottawa cannot be utilized as quickly and directly during urgent events.
With this geographic adjustment, DNB’s share of gold stored in London climbed from 18.1% to 32.1%. Meanwhile, the bank maintains 30.8% of its total gold stock within domestic vaults in the Netherlands. Governor Olaf Sleijpen emphasized that the institution assumes the reserves will never need to be deployed, but the structural shift was necessary to strengthen resilience and preparedness.
“With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.”
Olaf Sleijpen, Bank Governor, DNB
Geopolitical Pressures and Trade Friction
While DNB pointed broadly to increasing geopolitical unrest
as the primary catalyst for the adjustment, the decision unfolds against a backdrop of tangible international trade disputes. The United States economy continues to navigate uncertainties stemming from its ongoing war with Iran, which has impacted global trade.
Canada has faced economic headwinds from US tariffs targeting key domestic sectors including steel, aluminum, lumber, and automobiles. Those measures were compounded when Washington announced an additional 50% levy on roughly C$28bn—representing $20bn or £15bn—of Canadian goods. As central banks across Europe reevaluate the physical security and accessibility of sovereign assets held abroad, DNB’s repositioning highlights a growing institutional preference for liquidity over geographic dispersal.
