Netherlands Moves 86 Tonnes of Gold From US and Canada Amid Rising Geopolitical Tensions

The Netherlands has moved approximately 86 tonnes of gold from the United States and Canada to London, citing increasing geopolitical unrest and the need to strengthen its preparedness for potential crises.

The relocation was carried out between March and August 2026 by De Nederlandsche Bank (DNB), the Dutch central bank. The move involved gold previously held in New York and Ottawa.

DNB said the decision was aimed at making its gold reserves more accessible and easier to trade during a crisis. “Due to increasing geopolitical unrest,” the central bank said it was strengthening its crisis preparedness by improving the liquidity and tradability of its gold reserves.

London was chosen because it is one of the world’s major centres for physical gold trading. DNB said gold stored with the Bank of England is highly tradable and could be accessed more quickly during an emergency than gold stored across the Atlantic.

DNB Governor Olaf Sleijpen said the bank does not expect to need the reserves in a crisis but believes it is necessary to strengthen the country’s resilience and preparedness.

The relocation was carried out through a combination of physical transfers and transactions. DNB said approximately 59 tonnes of gold were sold in New York, with equivalent gold purchased in London. More than 27 tonnes were physically transferred from the United States and Canada to the Netherlands, after which a similar quantity was moved from the Netherlands to London.

This approach allowed DNB to avoid unnecessarily melting and recasting gold bars while spreading the operational risks involved in moving such a large amount of bullion.

The Netherlands holds approximately 612.4 tonnes of gold, valued at about €72.2 billion at the end of 2025. Following the relocation, the geographical distribution of the country’s gold reserves became more balanced:

• London: 32.1%
• Netherlands: 30.8%
• United States: 18.5%
• Canada: 18.5%

Before the move, New York held 31.3% of Dutch gold reserves, while Ottawa held 19.7%.

The move reflects growing attention among central banks to the importance of geographical diversification and crisis preparedness. DNB considers gold an important reserve asset and an “anchor of trust” capable of helping protect against extreme systemic risks.

The Netherlands’ decision does not mean it has completely withdrawn its gold from North America. Instead, it has reduced the concentration of its holdings there while increasing the amount stored in London.

The broader move also comes at a time when geopolitical tensions have increased and central banks around the world have been reassessing the security, liquidity and location of their reserve assets.