Netherlands moves billions in gold to London in 'crisis preparedness' move

The Dutch central bank (DNB) has confirmed the relocation of billions of dollars worth of gold from North America to London, citing "increasing geopolitical unrest" as the reason for the move. While a significant portion of the gold was sold in New York and subsequently repurchased in London, over 27 tonnes were physically transported to the UK.

On Wednesday, DNB announced that 86 tonnes of gold had been transferred from the US and Canada in a multi-month, intricate operation. This gold is now under the custody of the Bank of England, where it can be more readily traded "in a crisis situation." Bank president Olaf Sleijpen stated that this action was "necessary to strengthen our resilience and preparedness."

This decision comes amidst an ongoing trade dispute between the US and Canada, which has seen both nations impose new tariffs on each other following unsuccessful trade negotiations.

DNB detailed that the transfer, which occurred between March and August, involved the physical movement of 27 tonnes of gold bars from New York and Ottawa to Zeist in the Netherlands. A comparable quantity and quality of gold was then moved to London, eliminating the need to melt down the bars. The precise method of transporting such a large amount of gold across the Atlantic Ocean has not been disclosed.

The remaining portion of the transfer was executed by selling gold in New York and then repurchasing it in London, according to the bank. The DNB statement explained, "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."

While DNB did not specify the "geopolitical unrest" it referred to, the US economy faces ongoing uncertainty due to its conflict with Iran, which has impacted global trade. Meanwhile, Canada has been significantly affected by US tariffs on key sectors such as steel, aluminum, lumber, and automobiles, in addition to an extra 50% levy on approximately C$28 billion ($20 billion; £15 billion) of Canadian goods announced in August.

DNB emphasized that gold held with the Bank of England "is regarded as the world's most easily tradable gold," making it more accessible in a crisis than if it had remained in the US or Canada.

Before Wednesday's announcement, DNB held 31.3% of its gold in New York and 19.7% in Ottawa. These figures have now decreased to 18.5% in both countries. The total Dutch gold stock stood at 612.4 tonnes at the end of 2025, valued at €72.2 billion, as reported by DNB. Following the move, the bank's share of gold in London has risen from 18.1% to 32.1%, while 30.8% of its reserves are still held in the Netherlands.