The Dutch Central Bank moved approximately 86 tonnes of its gold reserves from the United States and Canada to the United Kingdom between March and August 2026 [1] [2] [3] [4]. This amount represents about 27.5% of the Dutch gold previously held in New York and Ottawa [1] [2] [3] [4].
Before the transfer, 31.3% of the bank’s gold was stored in New York and 19.7% in Ottawa. These shares dropped to roughly 18.5% each after the relocation, while London’s share increased from 18.1% to 32.1%. Around 30.8% to 31% of the gold remains stored domestically in the Netherlands [2] [3] [4].
The gold kept in London is held at the Bank of England, which is considered the world’s most liquid bullion market. It facilitates frequent bullion trading and collateral lending, improving the tradability of Dutch gold reserves [1].
Dutch Central Bank Governor Olaf Sleijpen said the move "improved the tradability of our gold reserves" and emphasized that while they do not expect to use the reserves, the relocation strengthens "resilience and preparedness" [1]. He noted: "With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness." [1]
The transfer combined buying and selling transactions with physical transport of over 27 tonnes of bullion. The gold was first moved to Zeist, Netherlands, before being shipped to London to avoid melting the bars, reducing risks associated with large-scale physical transfers [3] [4]. The Dutch Central Bank stated the process allowed them to mobilize reserves faster during crisis situations amid increasing geopolitical tensions [4].
This action follows a similar decision by the French Central Bank, which replaced gold stored in the US with reserves held in Paris between July 2025 and January 2026 to meet international standards [1] [2].
At the end of 2025, the Dutch Central Bank held total gold reserves of 612.4 tonnes valued at 72.2 billion euros [3] [4]. The recent relocation reflects a shift in storage priorities, favoring liquidity and rapid access in times of global uncertainty.
