Netherlands central bank gold shifted from New York to London
The Netherlands central bank gold holdings have been partly shifted out of New York and Ottawa to London. De Nederlandsche Bank said it moved about 86 tonnes between March and August 2026, citing increasing geopolitical unrest and a need to make reserves easier to trade in a severe crisis. The overall size of the Dutch gold stock did not change.
The move, announced on 2 September 2026, is framed as crisis preparedness, not a sale of the national reserve. DNB said gold held at the Bank of England is the world's most easily tradable, while bars in New York and Ottawa cannot be used as quickly.
Key Takeaways
- About 86 tonnes of Dutch gold moved from the United States and Canada to London between March and August 2026.
- The Netherlands central bank gold reserve remains 612.4 tonnes, worth €72.2 billion at the end of 2025.
- London's share rose to 32.1%; New York and Ottawa now each hold 18.5%.
- About 59 tonnes were sold in New York and bought in London; more than 27 tonnes were shipped physically via Zeist.
- Governor Olaf Sleijpen said DNB expects never to use the gold, but wants stronger preparedness.
Why did the Netherlands move gold out of New York?
DNB said it acted "in view of increasing geopolitical unrest" and to strengthen crisis preparedness. Improving the liquidity and tradability of Dutch gold is part of that work, according to the central bank's official statement.
A more balanced split between North America, the United Kingdom and the Netherlands is meant to spread risk. London is treated as a major centre for physical gold trading.
Gold held with the Bank of England must meet modern international trade standards. DNB said that makes it the most readily available if a severe crisis hits. Reserves in New York and Ottawa "cannot be utilised as quickly and directly in such a situation."
Holding a larger share in London also strengthens gold's role as an "anchor of trust," the bank said. Gold is seen as the ultimate reserve asset for hedging extreme systemic risks. Related market alerts sit in our Fintech & Crypto Alerts hub.
How was the gold actually relocated?
DNB sold approximately 59 tonnes of gold in New York, then bought gold in London that meets international market standards. That accounted for most of the shift.
More than 27 tonnes were physically transferred from the United States and Canada to DNB's Cash Centre in Zeist. AP News reported the vault sits on a military base near the central Dutch town. A similar quantity of standards-compliant gold then went from Zeist to London, avoiding the need to remelt bars.
Combining sales, purchases and transport was meant to spread operational risk and keep the operation efficient. DNB said the experience would help if another relocation is needed in a future crisis. Better tradability also means the quality of the reserves has improved.
Where is Netherlands central bank gold stored now?
The Dutch gold reserve is 612.4 tonnes, worth €72.2 billion as at year-end 2025, and forms part of DNB's official foreign reserves. AP News put that value at about $83.6 billion.
After the relocation, Zeist still holds 30.8%. London's share rose from 18.1% to 32.1%. New York fell from 31.3% to 18.5%, matching Ottawa, which edged down from 19.7% to 18.5%.
"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," Governor Olaf Sleijpen said.
Does this mean the Netherlands is dumping gold?
No. DNB said the overall reserve size did not change. Bars sold in New York were matched by purchases in London. Physical gold that left North America was offset by shipments from Zeist to London.
The bank did not name a specific conflict as the trigger. It pointed to geopolitical unrest, faster access to London's market, and a more balanced location mix.