The Dutch gold changes home, at least in part. The Dutch central bank (DNB) has moved 86 tons of gold reserves from the United States and Canada to London, in an operation from value of over 10 billion eurosThe stated objective is to increase the marketability and liquidity of gold, making it easier to use in times of need. This choice was made in a context of growing geopolitical instability and international tensions, also against the backdrop of more difficult relations between EU countries and Donald Trump's United States.
"In light of growing geopolitical instability, the DNB is strengthening its crisis preparedness," the central bank explained. "Improving the liquidity and marketability of Dutch gold reserves is part of this strategy. Furthermore, a more balanced distribution of reserves between North America, the United Kingdom, and the Netherlands helps diversify risks."
However, the Netherlands is not the first in Europe to review the position of its bullion. Bank of France completed a similar operation between July 2025 and January 2026, selling 129 tons of gold held in New York and buying them back in Paris. In this case, the transaction also generated a capital gain of €12,8 billion. Two different operations, but united by the desire to rethink the geographical management of gold reserves.
From America to London: How the Gold Was Moved and Why
The 86 tons were moved using two methods. Between March and August the Dnb sold 59 tons held in New York on the North American market, then purchasing an equivalent quantity of gold in London compliant with international standards. In this case, therefore, the ingots did not physically cross the Atlantic.
Le another 27 tons instead they were physically transferred from the USA and Canada to the DNB vault in Zeist, Netherlands, and from there replaced with an equivalent amount of gold transferred to London. The value of the gold involved in the physical transport exceeds €3 billion. For security reasons, the operation was kept confidential until completion, and the cost of insurance was not disclosed.
According to the DNB, the combination of trading and physical transfer has allowed for risk diversification, cost containment, and the accumulation of experience for potential future operations. Also, the central bank emphasizes, gold held at the Bank of England must comply with modern international standards and is considered the most easily tradable in the world. On the contrary, the reserves held in New York and Ottawa could not be used as quickly in a crisis situation.
How the Netherlands' gold reserves are changing
The transfer redraws the geography of Dutch goldBefore the operation, 313 tons were held between the United States and Canada. Now 31% of the reserves remain in Zeist, unchanged, while London rises from 18% to 32%. New York drops from 31% to 18,5% e Ottawa from 20% to 18,5%Overall, the DNB estimates the Netherlands' gold reserves at 612 tonnes, worth €72,2 billion at the end of 2025.
In a context marked by new geopolitical tensions, even the location where the bars are stored becomes a matter of financial security. The Netherlands, essentially, doesn't expect to have to sell its gold: it simply wants to be sure it can do so quickly, should it ever be needed.
