The Netherlands has moved about 86 tonnes of gold from reserves held in the United States and Canada to London as its central bank adjusts where the country keeps its bullion amid growing geopolitical uncertainty. De Nederlandsche Bank said the change would make its reserves easier to trade and leave the country better prepared for severe crises.
Between March and August 2026, the central bank shifted 86 tonnes from approximately 313 tonnes held across North America. The gold is now held at the Bank of England, with London chosen because it is one of the world’s largest markets for physical gold.
Central Banks Reconsider Where They Store Gold
Not all of the Dutch gold had to be physically transported across the Atlantic. About 59 tonnes were sold in New York and replaced with gold purchased in London, while more than 27 tonnes were physically moved from North America to the Netherlands before a similar quantity was transferred from the Netherlands to London.
De Nederlandsche Bank Governor Olaf Sleijpen said the bank does not expect to need the reserves during a crisis but wants to improve its preparedness. The bank also said spreading reserves more evenly between North America, Britain, and the Netherlands reduces concentration risk.
The Netherlands is not alone in reconsidering the location of its reserves. Germany previously transferred hundreds of tonnes of gold from New York and Paris to Frankfurt, including 111 tonnes from New York and 105 tonnes from Paris during 2016 alone.
The Bundesbank said at the time that storing gold domestically helped support confidence, while keeping some reserves in major trading centers made it easier to exchange bullion for foreign currencies when needed.
Central Bank Gold Buying Remains Elevated
The relocation comes as central banks continue accumulating gold at historically high rates. According to the World Gold Council, central banks have purchased an average of about 1,000 tonnes annually over the past four years, compared with around 500 tonnes a year during the preceding decade.
Gold is commonly held as a reserve asset because it carries no credit risk and can provide diversification during periods of economic or geopolitical uncertainty. Inflation, interest rates, liquidity, and the ability to access bullion quickly can also influence where central banks decide to store it.
The Bank of England remains a major destination because of London’s role in international gold trading. Central banks can keep reserves close to an active market while retaining the ability to sell or exchange them quickly if financial conditions require it.
De Nederlandsche Bank said the relocation was undertaken because of increasing geopolitical unrest and a desire to strengthen crisis preparedness, rather than in response to a specific expected shock.
Featured image credits: Wikimedia Commons
For more stories like it, click the +Follow button at the top of this page to follow us.