The Dutch central bank (De Nederlandsche Bank, DNB) has transferred 86 tonnes of gold held in the United States and Canada to London, citing rising geopolitical tensions and the need to make its reserves more readily available in the event of a crisis.
The operation, carried out between March and August 2026, significantly changes the geographical distribution of the 612.4 tonnes of gold held by the Dutch central bank. At the end of 2025, these reserves were valued at €72.2 billion.
A significant redistribution of Dutch gold reserves
Before the operation, DNB held 31.3% of its gold reserves in New York, compared with 19.7% in Ottawa and 18.1% in London.
The new distribution is markedly different:
32.1% in London
30.8% in the Netherlands
18.5% in New York
18.5% in Ottawa
London has therefore become the largest storage location for Dutch gold, slightly ahead of the Netherlands itself.
Overall, the share of gold held in North America has fallen…
