Dutch central bank moves gold out of US and Canada

The Dutch central bank (DNB) has moved about 86 tonnes of gold out of the United States and Canada to London, saying the reserves can be sold faster there in a crisis.

DNB said the transfer took place between March and August this year, and amounts to more than a quarter of the roughly 313 tonnes it had held in New York and Ottawa combined.

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London is the world’s main trading centre for physical gold, and the bank said metal stored there is quicker to deploy than gold held in the US or Canada. It framed the move as part of wider work on “crisis readiness” amid growing geopolitical tension.

Most of the gold came out of the underground vault in Manhattan. Around 59 tonnes was sold in New York and bought back in London, which avoided melting down the bars and risking a loss of quality. A further 27 tonnes was physically shipped from the US and Canada to the DNB vault in Zeist, with the same quantity moved on from Zeist to London.

The share of Dutch gold held in New York has fallen from 31.3 % to 18.5 %, and Canada’s from 19.7 % to 18.5 %. London now holds the largest single share at 32.1 %, up from 18.1 %, while 30.8 % remains in the Netherlands.

“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,” said DNB President Olaf Sleijpen.

Olaf Sleijpen, DNB President, via Dutchnews

Background

DNB has repeatedly warned about Dutch reliance on the US since Donald Trump returned to the White House, though it has said it is not worried the US would seize the reserves. The Netherlands held 612.4 tonnes of gold, worth €72.2 billion, at the end of 2025.

The decision follows a broader trend of central banks re‑evaluating where they store reserves. Laurent Schwartz, president of the Paris‑based National Gold Counter, noted that central banks have been moving their reserves around for about a decade and that “the current political context in the United States might also push certain central banks into favouring other storage locations.”

Details of the Transfer

The operation was carried out partially by buying and selling and partly by physically transferring gold. DNB moved more than 27 tonnes of physical gold from the US and Canada to Zeist. The same quantity was then moved from Zeist to London, preventing the melting down of gold bars. “By combining buying and selling and physical transport, the risks associated with physically moving a large quantity of gold have been spread,” the bank said.

The transfer spanned several months, beginning in March and concluding in August. It involved 59 tonnes sold in New York and repurchased in London, and 27 tonnes physically shipped from the US and Canada to Zeist before being moved to London.

Impact on Gold Markets

London’s gold market is described as the deepest and most liquid, making it easier to deploy in times of crisis. Central banks can more readily lend their gold there to other institutions, a feature that could prove valuable if a crisis arises.

John Plassard, an analyst at Cite Gestion Private Bank, said the Dutch move was intended “for there to be more immediate availability in the event of a crisis.” He added that for the moment it was a “fairly one‑off move,” but warned that if other central banks followed suit, it could damage confidence in the United States.

Broader European Context

At the beginning of the year, concerns were raised in Germany about the security of the Bundesbank’s reserves in New York. The Bundesbank, however, has decided for the moment not to shift its reserves away from New York, stating that “the New York Fed is and remains an important storage site for our gold.”

Meanwhile, the United States and Canada have escalated trade tensions, with fresh tariffs announced after stalled negotiations. DNB cited this geopolitical unrest as a factor in its decision to move gold to London.

Timeline of the Transfer

For further coverage of gold markets, see Gold Holds Near Two‑Month High as Treasury Yields Fall and ASX climbs as US Treasury bond buyback lifts gold miners.