DNB transfers 86 tonnes of gold to London in response to geopolitical instability

The Central Bank of the Netherlands (DNB) has moved 86 tonnes of its gold reserves from the United States and Canada to London. According to the institution, the decision was driven by rising geopolitical uncertainty and the need to improve crisis preparedness.

According to DNB, trading gold from London offers greater convenience than from New York or Ottawa. The move is specifically intended to increase the speed with which the reserves can be put to use in the event of an emergency.

Commenting on the measure, DNB President Olaf Schleippen stressed that access to the gold reserves had improved significantly. “We hope we will never need to use these reserves, but it is nevertheless essential to strengthen our resilience and preparedness,” he said.

The Netherlands holds a total stock of 612.4 tonnes of gold, valued at around 72.2 billion euros in 2025, according to data from the central bank.

Before the operation, 31.3% of Dutch gold was held in New York and 19.7% in Ottawa. After the transfer, the share held in the United States fell to 18.5%, while the percentage in Canada also declined to 18.5%. At the same time, the amount of gold deposited in London increased significantly, from 18.1% to 32.1%. The share of reserves held within Dutch territory remains unchanged at 30.8%.

The relocation process was not limited to the physical movement of gold. DNB explained that the operation was carried out partly through gold purchase and sale transactions and partly through the transport of the precious metal.

More than 27 tonnes of physical gold were initially brought from the United States and Canada to Zeist in the Netherlands, after which the same amount was sent to London. This route avoided the need to melt the gold during the process.

The bank stressed that combining purchases, sales and physical transport made it possible to distribute the risks associated with moving such a large quantity of gold.

The decision comes at a time when central banks are placing increasing importance on the security and accessibility of their reserves amid a climate marked by heightened geopolitical tensions and uncertainty.