Why the Netherlands Moved 86 Tonnes of Gold From North America

The Netherlands has moved dozens of tonnes of gold out of North America, saying its reserves need to be more readily available if a crisis strikes. Between March and August, De Nederlandsche Bank transferred 86 tonnes of the 313 tonnes it held in the United States and Canada to the Bank of England in London.

The Dutch central bank linked the move to “increasing geopolitical unrest” and described it as an effort to strengthen the country’s “crisis preparedness”. Gold held in London, it said, meets modern international trading standards and is considered among the world’s most easily tradable bullion. That would make it more quickly usable than reserves held in New York and Ottawa.

DNB Governor Olaf Sleijpen said the decision improved the economic usability of the reserves, while offering no specific explanation for why the Netherlands believed it needed greater preparedness now. “We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” he said.

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We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness

The transfer used two methods. DNB sold 59 tonnes held in New York and bought the same amount of bullion in London for storage at the Bank of England. It physically shipped another 27 tonnes from the United States and Canada to Zeist in the Netherlands, then moved a similar quantity to the United Kingdom. The bank said combining the approaches reduced relocation risks and costs.

The Netherlands held 612.4 tonnes of gold worth 72.2 billion euros ($116.7 billion) in 2025. Its reserves are stored in Zeist, London, New York and Ottawa. The Bank of England also holds gold for other central banks and hosts the world’s largest over-the-counter gold trading hub.

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