Netherlands moves 86 tonnes of gold from US to UK citing geopolitical unrest

Sep 2, 2026

The Dutch Central Bank (DNB) has relocated 86 tonnes of gold reserves, valued at over $10 billion, from the US and Canada to the Bank of England in London. Citing "increasing geopolitical unrest," DNB President Olaf Sleijpen stated the move enhances the tradeability and immediate availability of the reserves during a crisis. The transfer, executed between March and August 2026 through a mix of physical transport and market transactions, reduces Dutch gold holdings in New York and Ottawa to 18.5% each, while raising London's share to 32.1%.

Dutch gold relocation to UK

▪The Dutch Central Bank relocated 86 tonnes of its gold reserves from the United States and Canada to London between March and August 2026
▪De Nederlandsche Bank President Olaf Sleijpen stated that the gold relocation was necessary to improve the tradeability of the reserves and strengthen crisis resilience

Geopolitical unrest motivations

▪De Nederlandsche Bank cited "increasing geopolitical unrest" as the primary reason for relocating its gold reserves from North America
▪Tensions between Europe and the United States have risen due to the ongoing US war in Iran and President Donald Trump's criticism of European allies
▪The United States and Canada have been engaged in a trade war, with Washington imposing a 50 percent tariff on $20 billion of Canadian goods in August 2026

London market liquidity advantages

▪De Nederlandsche Bank stated that gold reserves held in London can be traded more quickly and directly in a crisis than those held in New York and Ottawa
▪Laurent Schwartz, president of the National Gold Counter, stated that the London gold market is the deepest and most liquid, allowing central banks to easily lend gold

Physical transport logistics

▪De Nederlandsche Bank executed the gold transfer by selling approximately 59 tonnes of gold in New York and repurchasing an equivalent amount in London
▪De Nederlandsche Bank physically transported over 27 tonnes of gold from the United States and Canada to Zeist, and a similar quantity from Zeist to London

Reserve distribution percentages

▪The Netherlands maintains 30.8 percent of its total 612.4 tonnes of gold reserves at its own Cash Centre in Zeist
▪Following the relocation, the Netherlands holds 18.5 percent of its gold in New York, 18.5 percent in Ottawa, and 32.1 percent in London
▪Prior to the relocation, the Netherlands held 31.3 percent of its gold in New York, 19.7 percent in Ottawa, and 18.1 percent in London