Full Breakdown
Netherlands Shifts Gold Reserves to London Amid Geopolitical Tensions
9/5/2026, 7:42:28 PM
Core Relocation Details
De Nederlandsche Bank moved a large portion of its gold holdings from North America to the Bank of England between March and August. The Dutch central bank said the transfer would improve the “tradeability” of its reserves and strengthen resilience for potential crises. The bank reported moving more than a quarter of the 345 tons stored in the United States and about 95 tons in total, most of it from the Federal Reserve Bank of New York, with a smaller share from the Bank of Canada. The BBC cited 86 tons moved from a combined 313 tons held in the United States and Canada.
Background & Prior Moves
European central banks have periodically relocated gold in response to geopolitical uncertainty. Earlier in the year, France repatriated its reserves from the United States, and Germany’s Bundesbank transferred over 216 tons from abroad between 2014 and 2016. Research analysts Lina Thomas and Daan Struyven (Goldman Sachs) noted that similar shifts occurred during the Cold War when banks moved gold to New York for security.
Official Statements & Responses
Olaf Sleijpen, president of De Nederlandsche Bank, said: “With this relocation, we have improved the tradeability of our gold reserves,” — Olaf Sleijpen, the bank’s president “With this relocation, we have improved the tradeability of our gold reserves.” He added that the bank does not expect to use the gold but wants to “strengthen our resilience and preparedness.”
Analyst Views on Motivation
Gian Maria Milesi-Ferretti, economist at the Brookings Institution, argued that “clearly the climate of the cooling of relations across the Atlantic must have played a role” “Clearly the climate of the cooling of relations across the Atlantic must have played a role,” — Gian Maria Milesi-Ferretti. “I don't get a sense that there's an impending doom,” — Goldman Sachs. Joseph Cavatoni, senior market strategist at the World Gold Council.
Verbatim Quotes
- “I don't get a sense that there's an impending doom,” — Joseph Cavatoni, senior market strategist, World Gold Council “I don't get a sense that there's an impending doom,” — Goldman Sachs. Joseph Cavatoni, senior market strategist at the World Gold Council
- “With this relocation, we have improved the tradeability of our gold reserves,” — Olaf Sleijpen, president, De Nederlandsche Bank “With this relocation, we have improved the tradeability of our gold reserves,” — Olaf Sleijpen, the bank’s president
- “Clearly the climate of the cooling of relations across the Atlantic must have played a role,” — Gian Maria Milesi-Ferretti, economist, Brookings Institution “Clearly the climate of the cooling of relations across the Atlantic must have played a role,” — Gian Maria Milesi-Ferretti
