Dutch Central Bank Moves Billions in Gold From Ottawa and New York to the U.K.

The Dutch central bank has shifted billions of dollars’ worth of gold away from North America, citing the need to prepare for a crisis amid global political unrest.

Between March and August, 86 metric tons of gold moved to London from the roughly 313 metric tons held in New York and Ottawa. Before the relocation, New York held 31.3 percent of the Netherlands’ gold reserves and Ottawa held 19.7 percent. Each now holds 18.5 percent, according to the bank.

Some of the gold physically crossed the Atlantic. More than 27 metric tons moved from the United States and Canada to the Dutch central bank’s heavily guarded vault at a military base near Zeist. A similar amount then moved from Zeist to London. The bank did not explain how the bars were transported.

The rest of the shift involved selling about 59 metric tons in New York and using the proceeds to buy gold in London. Olaf Sleijpen, the bank’s governor, said the relocation improved the reserves’ tradability. “We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” he said in a written statement.

The Dutch central bank, known as DNB, owns 612.4 metric tons of gold. The reserves were valued at 72.2 billion euros, or about $83.6 billion, at the end of 2025. DNB said gold held at the Bank of England meets modern international trading standards and is considered the world’s most easily tradable gold, while reserves in New York and Ottawa could not be used as quickly or directly in a crisis.

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With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.