The Dutch central bank (DNB) confirmed that it has transferred 86 tonnes of gold from the United States and Canada to London, citing “increasing geopolitical unrest.”
How the Transfer Unfolded
DNB said the move, which spanned from March to August, involved transporting 27 tonnes of gold bars from New York and Ottawa to Zeist in the Netherlands, before a similar quantity was moved to London without melting the bars.
Exact details of the Atlantic transport remain unknown; the bank explained that the remainder of the transfer was completed by selling the gold in New York and repurchasing it in London, a strategy that “has allowed DNB to spread the risks associated with such a complex physical gold relocation.”
Motivation Behind the Move
Bank president Olaf Sleijpen described the relocation as “necessary to strengthen our resilience and preparedness.” The decision follows a trade dispute between the US and Canada, where both nations have imposed fresh tariffs after failed negotiations.
DNB noted that gold held with the Bank of England is “regarded as the world’s most easily tradable gold,” making it more readily available in a crisis than if it remained in North America.
Impact on Dutch Gold Holdings
Prior to the announcement, DNB held 31.3% of its gold in New York and 19.7% in Ottawa. Those figures have now fallen to 18.5% in both countries. The Dutch gold stock totaled 612.4 tonnes at the end of 2025, valued at €72.2 billion. After the move, the bank’s share of gold in London rose from 18.1% to 32.1%, while 30.8% remains in the Netherlands.
For now, the exact triggers behind the “geopolitical unrest” comment remain unspecified, though analysts point to the US–Iran conflict and its impact on global trade.
