The Dutch central bank, De Nederlandsche Bank (DNB), has relocated a significant portion of its gold reserves, moving 86 tonnes from facilities in the United States and Canada to London. This strategic shift aims to enhance the accessibility and deployability of the nation’s gold holdings, particularly in times of crisis.
Strategic Relocation of Gold Reserves
DNB announced that the transfer, which occurred between March and August of this year, was motivated by the greater ease of trading gold stored in London compared to New York and Ottawa. “This makes it the quickest for DNB to deploy in a crisis situation,” the bank stated. The move is part of a broader effort to bolster the resilience and preparedness of the Netherlands’ financial infrastructure.
Olaf Sleijpen, president of DNB, emphasized the importance of this preparedness, noting, “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 nevertheless necessary to strengthen our resilience and preparedness.”
Shifting Allocation of Gold Holdings
As of the end of 2025, the Netherlands’ total gold reserves stood at 612.4 tonnes, valued at approximately 72.2 billion euros (or $83.7 billion). Prior to this relocation, the distribution of these reserves was as follows:
- New York: 31.3%
- Ottawa: 19.7%
- London: 18.1%
- Netherlands: 30.8%
Following the recent transfer, the allocation has been adjusted:
- New York: 18.5%
- Ottawa: 18.5%
- London: 32.1%
- Netherlands: 30.8%
The share of gold held in London saw the most substantial increase, rising from 18.1% to 32.1%, while the holdings in New York and Ottawa each decreased to 18.5%. The proportion held domestically within the Netherlands remained unchanged at 30.8%.
Methodology of the Transfer
The operation involved a combination of physical transport and financial transactions. DNB reported that over 27 tonnes of physical gold were moved from the United States and Canada to Zeist, a town near Utrecht in the Netherlands. Subsequently, an equivalent amount of gold was transported from Zeist to London. This approach, DNB explained, helped mitigate the risks associated with moving large quantities of gold by spreading them across different methods.
“By combining buying and selling and physical transport, the risks associated with physically moving a large quantity of gold have been spread,” a DNB spokesperson commented.
Global Trends in Gold Reserve Management
The move by the Dutch central bank aligns with a broader trend observed among central banks over the past decade, according to Laurent Schwartz, president of the National Gold Counter in Paris. He noted that central banks have been actively reassessing the locations of their gold reserves.
Schwartz suggested that the current geopolitical climate, particularly concerning the United States, might be influencing some central banks to seek alternative storage locations. He described the London market as the “deepest and most liquid,” making it an advantageous place for central banks to manage their gold, including lending it to other financial institutions, especially during times of financial stress.
John Plassard, an analyst at Cite Gestion Private Bank, echoed this sentiment, stating that the Dutch action was designed to ensure “more immediate availability in the event of a crisis.” While he characterized the move as a “fairly one-off event” for now, Plassard cautioned that a widespread adoption of such strategies by other central banks could potentially impact confidence in the United States as a primary gold storage hub.
Broader Context and Other Central Banks
Concerns regarding the security of central bank gold reserves held abroad, specifically in New York, surfaced earlier this year in Germany. The Bundesbank, Germany’s central bank, had faced questions about its reserves stored at the Federal Reserve. However, the Bundesbank ultimately decided against relocating its gold, reaffirming its confidence in the New York Federal Reserve as a secure storage site.
“The New York Fed is and remains an important storage site for our gold,” the Bundesbank stated in January, indicating a different approach compared to the Dutch central bank’s recent actions.
Conclusion
The Dutch central bank’s decision to move a substantial volume of gold to London underscores a growing emphasis on the strategic deployment and accessibility of national reserves. By leveraging London’s deep and liquid market, DNB aims to enhance its financial resilience and preparedness for potential economic disruptions, reflecting a dynamic approach to gold reserve management in an evolving global landscape.
