The central bank of the Netherlands, DNB, announced the transfer of 86 tonnes of its gold reserves from the United States and Canada to London, justifying the operation with growing geopolitical instability. The institution explained that gold is more easily tradable from London than from New York and Ottawa, allowing for faster mobilization in case of crisis.
The total gold reserves of the Netherlands amount to 612.4 tonnes, valued at 72.2 billion euros at the end of 2025. Before this transfer, DNB kept 31.3% of its gold in New York and 19.7% in Ottawa. After the operation, the portion stored in London increased from 18.1% to 32.1%, while the percentage in the United States and Canada fell to 18.5% each, with 30.8% remaining in the Netherlands.
DNB President Olaf Sleijpen stated that the measure improved the availability of gold reserves, adding that, although they operate on the assumption of never needing to use them, it is necessary to strengthen resilience and preparedness for crisis situations.
The transfer was carried out partially through buy and sell operations and partially through physical transport of the gold. More than 27 tonnes of physical gold were first transferred from the United States and Canada to Zeist, in the Netherlands, before being sent to London, avoiding the need to remelt the bars. DNB noted that by combining purchases, sales and physical transport, the risks associated with moving large quantities of gold were distributed.
