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 a complex 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 follows an ongoing trade dispute between the US and Canada, with both countries imposing new tariffs after unsuccessful trade negotiations. DNB reported that the transfer occurred between March and August, involving 27 tonnes of gold bars moved from New York and Ottawa to Zeist in the Netherlands. A similar quantity was then transferred to London without the need to melt the bars down. The method of transporting the gold across the Atlantic Ocean has not been disclosed. The remainder of the transfer involved selling gold in New York and repurchasing it in London. DNB explained that this combination of buying and selling, along with physical transport, helped mitigate risks associated with the complex relocation. While DNB did not specify the details of the geopolitical unrest, it noted that the US economy is 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 and aluminum, along with a 50% levy on approximately C$28 billion ($20 billion; £15 billion) of Canadian goods announced in August. DNB indicated 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 gold stored in the US or Canada. Before the 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 locations. The total Dutch gold stock was reported at 612.4 tonnes at the end of 2025, valued at €72.2 billion. Following the relocation, 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.