De Nederlandsche Bank relocated approximately 86 metric tons of gold reserves from the United States and Canada to the Bank of England in London between March and August, relying on a combination of physical shipments and market swaps.
Shift to London vaults
The central bank transported 27 tons of bars from New York and Ottawa to Zeist before shipping them to London, while using market transactions to reallocate the remainder. Combining the purchase and sale process with physical transport has enabled DNB to spread the risks associated with such a complex physical relocation of gold, the central bank stated.
London now holds 32.1 percent of Dutch gold reserves, up from 18.1 percent before the operation. The share kept in New York fell from 31.3 percent to 18.5 percent. Ottawa holds 18.5 percent, down from 19.7 percent previously. Storage in the Netherlands remained unchanged at 30.8 percent.
Crisis liquidity and trade strains
The central bank cited rising geopolitical unrest for the shift, noting that bullion held at the Bank of England is considered the most tradeable globally and easier to access during an emergency. Total Dutch gold reserves stood at 612.4 tons valued at 72.2 billion euros at the end of 2025.
The transfers took place alongside trade friction between the United States and Canada, where authorities imposed new tariffs after bilateral negotiations stalled.
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