Dutch Central Bank Moves 86 Tonnes of Gold Reserves From North America to London

Transfer from North America to London

Between March and August 2026, De Nederlandsche Bank relocated 86 tonnes of gold reserves from vaults in the United States and Canada to the Bank of England in London. The central bank announced the completed operation on 2 September 2026, citing increasing geopolitical instability and the necessity to bolster crisis preparedness. The transferred volume represents 27.5% of the approximately 313 tonnes the institution previously held across North America. Overall Dutch gold reserves remain unchanged at 612.4 tonnes, carrying a certified valuation of 72.2 billion euros as of late 2025.

DNB President Olaf Sleijpen addressed the strategic intent behind the logistical shift.

We expect that we will never have to use the gold, yet it is necessary to strengthen our resilience and preparedness.

Relocation mechanics and vault logistics

The transfer avoided transoceanic physical flights for the full tonnage through a combined financial and logistical procedure. De Nederlandsche Bank sold approximately 59 tonnes of gold stored at the Federal Reserve in New York, simultaneously purchasing an identical quantity in London. This exchange ensured all acquired bars complied with Bank of England market specifications without requiring remelting.

Additionally, more than 27 tonnes of bullion were physically shipped from North American vaults to the DNB Cashcentrum in Zeist. An identical 27-tonne batch was subsequently moved from Zeist to London. The central bank noted that this physical leg provided practical experience in handling large-scale bullion transit, confirming the entire operation remained cost-effective.

Shifting reserve distribution

Following the relocation, the Bank of England has become the primary depository for the Netherlands, housing 32.1% of the total reserve (over 196 tonnes). The domestic facility in Zeist holds 30.8% of the stock. Holdings at the Federal Reserve in New York decreased from 31.3% to 18.5%, while holdings with the Bank of Canada in Ottawa dropped from 19.7% to 18.5%.

The central bank emphasized that gold stored in London offers immediate liquidity and easier settlement compared to North American vaults. In an emergency, London serves as the primary global hub for physical gold trading, enabling faster transactions under standardized delivery criteria. While DNB previously noted risks regarding European reliance on US financial infrastructure following the return of President Donald Trump, officials maintained that the shift was aimed at general operational flexibility rather than immediate political retaliation.

Broader European reserve context

The Dutch movement coincides with ongoing debates across European central banks regarding asset distribution. In Germany, political figures have repeatedly examined foreign storage risks, although the Deutsche Bundesbank continues to store 37% of its 3,350-tonne reserve (1,236 tonnes) with the Federal Reserve in New York. The Bundesbank keeps 51% (1,710 tonnes) in Frankfurt am Main and 12% (almost 404 tonnes) in London.

By comparison, the National Bank of Belgium retains all of its 227 tonnes of gold abroad, primarily at the Bank of England, alongside deposits at the Bank of Canada and the Bank for International Settlements in Basel. Belgium transferred significant bullion to Britain prior to the Second World War for security, and later sold more than 1,000 tonnes starting in the late 1980s to reduce sovereign debt ahead of the euro transition.