Banking Giant Moves Tons of Gold to Europe in Months-Long Operation, Citing Rising Geopolitical Tensions

The Netherlands has moved 86 tonnes of gold from the United States and Canada to Europe in an operation that took months and involved both physical transport and market transactions.

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rising geopolitical tensions

De Nederlandsche Bank, or DNB, said 27 tonnes of gold bars moved from New York and Ottawa to its facility in Zeist between March and August. A similar quantity then went to London without the bars being melted down. The remainder changed location through a different route: DNB sold gold in New York and bought it again in London.

The bank said the arrangement reduced the risks associated with moving such a large amount of bullion. It did not explain exactly how the gold crossed the Atlantic. DNB said it made the decision because of “rising geopolitical tensions” and argued that gold held in England would be easier to trade if a crisis occurred.

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necessary to strengthen our resilience and preparedness

DNB President Olaf Sleijpen called the move “necessary to strengthen our resilience and preparedness.” After the transfer, the share of the bank’s gold held in London rose from 18.1% to 32.1%. The bank still keeps 30.8% of its reserves in the Netherlands. Its total gold holdings stood at 612.4 tonnes at the end of 2025, valued at about 72.2 billion euros.

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Combining buying and selling processes with physical transport enabled DNB to spread the risks associated with such a complex physical movement of gold