Dutch central bank transfers 86 tonnes of gold from the US and Canada, increasing the share of its reserves held in London amid heightened geopolitical and economic uncertainty.

The Dutch central bank, De Nederlandsche Bank (DNB), has moved 86 tonnes of gold from the United States and Canada to London as part of measures aimed at strengthening the Netherlands’ preparedness for potential geopolitical and economic crises.

The complex transfer was carried out between March and August, according to reports. During the operation, 27 tonnes of gold bars were initially moved from New York and Ottawa to Zeist in the Netherlands before a similar quantity was subsequently transferred to London.

The operation also involved selling some gold in New York and repurchasing it in London, allowing DNB to adjust the geographical distribution of its gold reserves without significantly changing the overall size of its holdings.

DNB President Olaf Sleijpen said the move was intended to strengthen the Netherlands’ resilience and preparedness in the event of a crisis.

The central bank said gold stored at the Bank of England in London is considered among the world’s most easily tradable, making it potentially more accessible during a crisis than gold held in the United States or Canada.

The relocation comes amid heightened geopolitical and economic uncertainty, including growing trade tensions involving the United States and Canada.

DNB did not identify any specific geopolitical development that triggered the move. However, it said the relocation was designed to reduce risks associated with concentrating large quantities of gold in particular locations and to ensure that its reserves remain readily accessible when needed.

Before the transfer, 31.3 per cent of DNB’s gold reserves were held in New York, while another 19.7 per cent were stored in Ottawa.

Following the operation, the share held in New York has fallen to 18.5 per cent, with Ottawa’s share also declining to 18.5 per cent.

At the same time, the proportion of DNB’s gold held in London has increased from 18.1 per cent to 32.1 per cent.

The Netherlands continues to hold 30.8 per cent of its gold reserves domestically.

DNB reported that the Netherlands held a total of 612.4 tonnes of gold worth approximately €72.2 billion at the end of 2025.

The central bank did not disclose precisely how the physical gold was transported across the Atlantic, citing the complexity and security considerations surrounding the operation.

The move reflects a broader effort by the Dutch central bank to ensure that a significant portion of the country’s gold reserves can be accessed and traded quickly if global economic or geopolitical conditions deteriorate.