Dutch Central Bank Relocates Gold Reserves to London Citing Geopolitical Concerns

The Dutch central bank (DNB) has confirmed the relocation of billions of dollars in gold from North America to London, citing increasing geopolitical unrest. On Wednesday, DNB announced that 86 tonnes of gold had been removed from the US and Canada in an operation that took several months. The gold is now held by the Bank of England, which allows for easier trading in crisis situations. Bank president Olaf Sleijpen stated that the move was necessary to strengthen resilience and preparedness. This decision comes amid a trade dispute between the US and Canada, with both countries imposing new tariffs on each other following unsuccessful trade negotiations. The transfer occurred between March and August, with 27 tonnes of gold bars physically moved from New York and Ottawa to Zeist in the Netherlands. A similar quantity was then moved to London without the need to melt the bars down. The exact method of transporting the gold across the Atlantic has not been disclosed. The remaining gold was sold in New York and repurchased in London. DNB explained that this combination of buying, selling, and physical transport helped mitigate risks associated with the complex relocation. Although DNB did not specify the geopolitical unrest it referred to, the US economy is currently facing uncertainty due to its ongoing conflict with Iran, which has affected global trade. Canada has also been adversely impacted by US tariffs on key sectors, including steel, aluminum, lumber, and automobiles, as well as an additional 50% levy on approximately C$28 billion ($20 billion; £15 billion) of Canadian goods announced in August. DNB noted that gold held with the Bank of England is considered the world's most easily tradable gold, making it more accessible in a crisis compared to if it remained in the US or Canada. Prior to this announcement, DNB held 31.3% of its gold in New York and 19.7% in Ottawa, which has now decreased to 18.5% in both countries. The total Dutch gold stock was 612.4 tonnes at the end of 2025, valued at €72.2 billion. Following the move, the bank's share of gold in London increased from 18.1% to 32.1%, while it retains 30.8% of its reserves in the Netherlands.