The Dutch central bank (DNB) confirmed on Wednesday that it has taken out billions of dollars in gold from North America and relocated it to London, citing ‘increasing geopolitical unrest’
The Dutch central bank (DNB) confirmed on Wednesday that it has taken out billions of dollars in gold from North America and relocated it to London, citing “increasing geopolitical unrest”. DNB said that 86 tonnes of gold had been removed from the US and Canada in a complex operation that took several months.
The authorities noted that it is now being held by the Bank of England, where the precious metal can be traded more easily “in a crisis situation”. In a statement on the matter, Bank President Olaf Sleijpen said the move was “necessary to strengthen our resilience and preparedness”.
It is pertinent to note that the latest decision by the Netherlands is coming amid an ongoing trade dispute between the United States and Canada, with both nations announcing heavy tariffs on each other following failed trade talks. In its Wednesday statement, DNB said that the transfer took place between March and August and saw 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands.
They maintained that a similar quantity and quality were then moved to London, with no need to melt the bars down. However, exactly how so much gold was transported across the Atlantic Ocean has not been revealed.
More from BusinessThe process
The rest of the gold was carried out by the bank by selling the gold in New York and repurchasing it in London. “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,” the statement said.
Nowhere in the statement did DNB confirm what it was referring to with the mention of “geopolitical unrest”, but the US economy remains in an uncertain position due to the country’s ongoing war with Iran, which has impacted global trade. Meanwhile, the Canadian economy has been hit hard by the US tariffs on its key sectors like steel, aluminium, lumber and automobiles, as well as an additional 50% levy on about C$28bn ($20bn; £15bn) of Canadian goods announced in August.
DNB noted that the gold held with the Bank of England “is regarded as the world’s most easily tradable gold,” and therefore more readily available in a crisis than if it were still in the US or Canada. Before Wednesday’s announcement, it was reported that DNB held 31.3 per cent of its gold in New York and 19.7 per cent in Ottawa. This has now fallen to 18.5 per cent in both countries.
The total Dutch gold stock was 612.4 tonnes at the end of 2025 and has been valued at €72.2 billion, DNB said. With the latest move, the bank’s share of gold in London has increased from 18.1 per cent to 32.1 per cent, while it still holds 30.8 per cent of its reserves in the Netherlands.
