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Dutch Central Bank shifts 86 tons of gold from US-Canada
Published : Thursday, 3 September, 2026 at 3:34 PM
Observer Online Report
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The Dutch central bank has moved 86 tons of its gold reserves out of the United States and Canada to London, citing increasing geopolitical unrest; reports The Guardian.
De Nederlandsche Bank (DNB) stated that gold reserves held in London can be traded more easily than those kept in New York and Ottawa, making London the quickest location for deployment during a crisis situation.
DNB President Olaf Sleijpen noted that while the bank assumes it will never need to deploy the gold, improving its deployability strengthens overall resilience and preparedness. As of the end of 2025, total Dutch gold reserves stood at 612.4 tons, valued at €72.2 billion ($83.7 billion).
Prior to the relocation, the central bank held 31.3 per cent of its gold in New York and 19.7 per cent in Ottawa. Following the adjustment, each country now holds 18.5 per cent of the Dutch gold reserve, while the share stored in London rose from 18.1 per cent to 32.1 per cent. The bank continues to hold 30.8 per cent of its gold domestically in the Netherlands.
Executed between March and August of this year, the operation combined physical transfers with buying and selling to spread the risks associated with moving large quantities of gold. DNB physically moved more than 27 tons of gold from the US and Canada to Zeist, while transferring an equivalent amount from Zeist to London to avoid melting down gold bars.
Commentators noted that central banks have been shifting reserve locations for about a decade, with current US political conditions potentially encouraging institutions to seek alternative storage.
Laurent Schwartz, president of the Paris-based National Gold Counter, highlighted that London offers the deepest and most liquid market, allowing central banks to easily lend gold to other institutions during crises.
Cite Gestion Private Bank analyst John Plassard added that while this is a single move for now, similar actions by other central banks could impact confidence in the US. Earlier this year, concerns were raised in Germany regarding the security of its reserves in New York, though the Bundesbank confirmed it has no immediate plans to move its gold.
-SA
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