Full Breakdown
Netherlands Shifts 86 Tonnes of Gold to London Amid Geopolitical Unrest
9/2/2026, 11:47:12 PM
Core Move: Relocating Gold Reserves
The Dutch central bank, De Nederlandsche Bank (DNB), announced that it has transferred roughly 86 metric tonnes of gold from its holdings in the United States and Canada to its vaults in London. The relocation was carried out through a combination of buying and selling gold on the market and the physical movement of bars, a strategy the bank says spreads the risks associated with moving large quantities of metal.
Background & Context
DNB’s gold portfolio totals 612.4 tonnes, valued at €72.2 billion at the end of 2025. Prior to the shift, 31.3 % of the reserves were stored in New York and 19.7 % in Ottawa. The bank explained that gold stored in London can be traded more quickly than that held in North-American vaults, a factor it deems important for “crisis preparedness.” The move follows broader concerns about “increasing geopolitical unrest,” a phrase the bank used to justify the redeployment.
Data & Statistics
- Total Dutch gold stock: 612.4 tonnes (€72.2 billion, end-2025).
- Gold moved: ~86 tonnes (?94.8 tons).
- Pre-move distribution: 31.3 % in New York, 19.7 % in Ottawa, 18.1 % in London, 30.8 % in the Netherlands.
- Post-move distribution: 18.5 % each in New York and Ottawa, 32.1 % in London, 30.8 % still in the Netherlands.
- Physical transport: More than 27 tonnes moved from North America to Zeist, then the same amount from Zeist to London, avoiding the need to melt down bars.
Official Statements & Responses
DNB framed the relocation as a precautionary measure to enhance the “deployability” of its gold reserves. The bank emphasized that the step is intended to strengthen resilience and preparedness, even though it does not anticipate an actual deployment of the metal. The institution also highlighted that the London vaults allow for faster sales in a crisis, thereby “spreading risks” and creating a more balanced geographic distribution of assets.
Criticism & Opposition
Johan de Ruiter, speaking to the Dutch daily *Algemeen Dagblad*, argued that the United States is no longer a safe location for Dutch gold, citing the unpredictability of President Donald Trump as a specific risk. De Ruiter urged an immediate removal of the gold from the U.S., suggesting that political volatility could jeopardize the security of the reserves.
Timeline
- March 2025 – August 2025: Physical and market transactions move 86 tonnes from New York and Ottawa to London, with an intermediate stop in Zeist.
- 18 March 2025: DNB’s headquarters in Amsterdam are referenced in visual material accompanying the announcement.
- 2 September 2026: DNB publicly confirms the completion of the transfer and reiterates its risk-spreading rationale.
Verbatim Quotes
- “With this step, we have improved the deployability of the gold reserves. We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness,” — DNB President Olaf Sleijpen, said DNB president
- “We must remove our gold from the US as soon as possible. It is simply no longer safe there.” — The DNB
The relocation reflects DNB’s strategic response to perceived geopolitical instability, balancing the need for rapid asset deployment with concerns about the safety of overseas storage.
