The Dutch central bank (De Nederlandsche Bank, DNB) has transferred 86 tonnes of gold held in the United States and Canada to London, citing rising geopolitical tensions and the need to make its reserves more readily available in the event of a crisis.
The operation, carried out between March and August 2026, significantly changes the geographical distribution of the 612.4 tonnes of gold held by the Dutch central bank. At the end of 2025, these reserves were valued at €72.2 billion.
A significant redistribution of Dutch gold reserves
Before the operation, DNB held 31.3% of its gold reserves in New York, compared with 19.7% in Ottawa and 18.1% in London.
The new distribution is markedly different:
32.1% in London
30.8% in the Netherlands
18.5% in New York
18.5% in Ottawa
London has therefore become the largest storage location for Dutch gold, slightly ahead of the Netherlands itself.
Overall, the share of gold held in North America has fallen from 51% to 37%, while the share stored in London has jumped from 18.1% to 32.1%.
A complex logistical operation
Moving 86 tonnes of gold is not simply a matter of transporting bullion from one vault to another.
DNB chose to combine physical transfers with buying and selling operations in order to limit the risks associated with moving such a large quantity of precious metal.
More than 27 tonnes of physical gold were first transported from New York and Ottawa to Zeist in the Netherlands. An equivalent quantity of gold with the same characteristics was then transferred from Zeist to London. This arrangement avoided the need to remelt certain gold bars.
For the remainder of the 86 tonnes, the central bank sold gold held in New York and purchased an equivalent quantity in London.
By combining transactions with physical transportation, DNB says it was able to spread the risks inherent in a logistical operation of this scale. The precise details of how the gold bars were transported have not been disclosed.
Geopolitical risk enters the equation
The central bank's reasoning goes beyond operational optimization.
DNB explicitly cites "increasing geopolitical unrest" as a reason for reducing the amount of gold held in North America, without specifying which events directly prompted its decision.
The move nevertheless comes against an international backdrop marked by conflicts, economic sanctions and trade tensions. Relations between the United States and Canada have notably deteriorated on the trade front, with both countries announcing new tariffs following failed negotiations.
More broadly, the growing use of financial sanctions is reminding central banks that the geographical location of their assets is itself a strategic consideration.
Gold has a particular characteristic in this respect: when held physically and directly, it is not the liability of any government or financial institution. Its storage location, however, remains crucial to its accessibility and use.
The geography of gold reserves is becoming strategic again
The Dutch move is part of a broader reassessment by central banks of where their reserves should be held. This is not the first time DNB has reorganized the geographical distribution of its gold: in 2014, it had already repatriated 120 tonnes from New York to the Netherlands in order to achieve a better distribution of its reserves across its various storage locations.
France recently followed a similar approach. In 2026, the Bank of France completed the repatriation of 129 tonnes of gold previously held in New York, likewise combining physical transfers with buying and selling operations.
Germany had already repatriated a significant portion of its gold held abroad during the previous decade. More recently, questions have once again emerged over the substantial German gold reserves still stored in New York.
The Bundesbank has nevertheless maintained its confidence in the Federal Reserve Bank of New York and has so far announced no further transfers.
The Dutch decision therefore does not yet represent a widespread withdrawal of European gold reserves from the United States. It does, however, show that diversifying storage locations has become part of managing geopolitical risk.
London favored for its liquidity
The choice of London is no coincidence. The British capital is home to the world's leading over-the-counter gold market and holds substantial stocks owned by commercial banks, institutional investors and central banks.
According to DNB, gold held at the Bank of England is considered the world's most readily tradable gold, allowing it to be sold, exchanged or used in financial transactions without first having to arrange international transportation.
"We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness," said DNB President Olaf Sleijpen.
The Dutch transfer should therefore not be viewed simply as a "repatriation" of gold. On the contrary, some of the metal is leaving North America for a financial center where it can be mobilized more quickly in the event of a crisis.
Gold regains a strategic role for central banks
The operation comes at a time when gold is playing an increasingly important role in central bank strategies. For several years, their purchases have remained at historically high levels, reflecting in particular a desire to diversify monetary reserves and reduce their dependence on financial assets tied to a government or currency.
DNB's decision adds another dimension to this trend: where gold is held is becoming almost as strategic as holding the gold itself.
Security, liquidity and geopolitical risk are now closely intertwined in the management of physical reserves.
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